Castle Lanterra Pays $103M to Enter Denver Market

Castle Lanterra Properties (CLP) made its first property acquisition in the Denver area, acquiring the 369-unit Alexan Sloan’s Lake property from developer Trammell Crow Residential. The Suffern, NY-headquartered buyer paid $102.8 million for the asset, which was completed in 2016.

The multifamily property at 1550 Raleigh St. in is part of the larger Sloans Denver mixed-use development. Sloans is a 19-acre, seven-block infill redevelopment of a former hospital campus that will eventually include a mix of high-end condominiums, townhomes and retail.

The asset offers studios, as well as one and two-bedroom floor plans. The average unit size is 744 square feet. Amenities include a resort-size pool, media room and outdoor movie wall, fitness, spin and yoga facilities, work-from-home offices and a dog-wash room. The property also has more than 8,800-square feet of fully leased retail space, including two restaurants.

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