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.
Erik Hamilton, who has more than 15 years in CRE journalism, is a former staff writer with the Los Angeles Times and the Orange County Business Journal. In addition to The Times and the OCBJ, he was also a reporter and editor for Crittenden Research, The San Bernardino Sun and UPI. Erik also worked six years in CRE public relations with Los Angeles-based Hoyt Organization, where he was a Senior Account Executive. He later joined Lee & Associates where he served as the Director of Corporate Communications. There ,in addition to his work with Lee’s CEO, he managed 57 offices nationwide and provided PR, social media and media training for the offices. A graduate of UC Irvine, with a BA in history, he is an avid record collector where he continues to search for a rare Joy Division single.
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