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Castle Lanterra Sells Two Corpus Christi Apartment Communities
The two properties, Azure and Baypoint Apartments, totaled 570 units. Castle Lanterra sold Azure, a 220-unit community to Sundance Bay and Baypoint Apartments to Pegasus Real Estate.
Castle Lanterra invested in both building before the sale. They put $700,000 into Azure to update nearly half the rooms. They acquired the property in 2016. The community, built in 1997 was 95% occupied at the time of the sale. And Castle Lanterra spent over $6 million to renovate the Baypoint Apartments, a community they bought in 2018. The revamp included redesigning the clubhouse, dog park and playground and enhancing over 50% of the units. The community was 93% occupied at the time of sale.
The company reports that they achieved an internal rate of return of 17.2% on Azure, and 19.1% on Baypoint.
- ◦Sale/Acquisition
