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Castle Lanterra Properties Acquires Newly Constructed Residential Community In Allen, TX
Castle Lanterra Properties (CLP), a New York-based national real estate investment firm, has acquired Sovereign Twin Creeks, a newly developed 366-unit suburban multifamily community located in the Allen/McKinney submarket of the Dallas/Fort Worth Metro area. The company, which owns and operates more than 6,600 residential units across the country, purchased the asset from the developer, Sovereign Properties. Price of the transaction was not disclosed.
“The Dallas/Fort Worth area is one of the hottest in the nation in terms of employment opportunities and population growth,” said CLP CEO Elie Rieder. “In fact, the Allen/McKinney submarket is projected to experience future job growth of almost 55% – much higher than the national average of 34%, illustrating the affluence in the immediate area.”
The recently constructed Sovereign Twin Creeks, located at 729 Junction Drive, is directly off Interstate 75 between President George Bush Turnpike and Sam Rayburn Tollway. The sale was facilitated by Property Advisors.
- ◦Sale/Acquisition
