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Southwood Realty Secures $33M Lynchburg Multifamily, Assumes Existing Loan
Castle Lanterra Properties has sold Overlook at Stonemill apartment community to Southwood Realty for $33.3 million. The buyer is planning to assume the existing loan on the multifamily.
“After acquiring Overlook at Stonemill in 2019 for approximately $22 million, we were able to implement a capital improvement program,” said Elie Rieder, founder and CEO of CLP. ““We feel that the timing is right to exit the Lynchburg market as we refocus our business elsewhere.”
Overlook at Stonemill has 216 garden-style apartments with fully equipped kitchens, washer/dryer connections, patios/balconies, energy efficient in-unit LED lighting, walk-in closets, ceiling fans, and window blinds. Community amenities include a clubhouse with a fitness center, conference room, business center, and on-site leasing and management office as well as a swimming pool, playground, outdoor grilling areas, walking trails and a dog run.
Overlook at Stonemill is near area employers Liberty University, Centra Health and the Lynchburg General Hospital.
- ◦Sale/Acquisition
