• Castle Lanterra Properties recently added a new residential property to its Austin holdings.
  • The property holds a renovated apartment building comprised of 370 units.
  • NYC-based Castle Lanterra now operates 1,627 units in the Austin metro.
  • Oracle is expected to bring 1,500 direct jobs and 4,000 total jobs one mile from the apartments after completing its new campus.
Castle Lanterra Properties

Arrangement Lobby / CLP

New York-based Castle Lanterra Properties (CLP) is rapidly expanding in the Austin metro, announcing the fourth acquisition to the firm’s residential holdings in the Texas capital on August 31.

Arrangement in the East Riverside corridor is a recently renovated apartment building containing 370 units. The residential property was built in 1973 and extensively renovated in 2013 for $10 million.

Contemporary comforts, including two dog parks, pools, a full fitness center and resident lounge, were incorporated just a few years ago to appeal to the growing Austin renter demographic.

The property appeals to Austin’s large young population, with splashes of color and sleek, modern lines in the building’s design. More than 90 percent of the units were gutted during the extensive renovations, says Castle Lanterra, which plans to refurbish the final 10 percent of units when they become vacant.

“The acquisition targets a strong in-place yield of more than 11 percent in a growing market with demand drivers that are expected to continue to support long-term rent growth,” Managing Director, Austin Alexander, said in a statement.

Alexander says the property mirrors many of the new buildings popping up in the Austin metro, but at a lower monthly cost for the consumer.

Castle Lanterra Properties

Arrangement Gym / CLP

Austin has a high rate of incoming new residents, spurred by the area’s remarkable high employment rates. Arrangement is just three miles from downtown Austin, which holds approximately 10 million square feet of office space and numerous lifestyle amenities for young professionals.

Oracle recently announced plans to open an expanded 27-acre campus just one mile from Castle Lanterra Properties’ newest property. The project is expected to bring 1,500 direct jobs and 4,000 total jobs when redevelopment commences.

Castle Lanterra formed in 2009 for the acquisition and management of multifamily properties across the nation’s most active rental markets. CLP currently owns and manages 7,300 units across the country, including 1,627 units in the Austin metro.

Email Jennifer Riner

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×