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Texas  + State of Texas  + Apartments  | 
Castle Lanterra Sells off Baypoint, Azure in Corpus Christi

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.

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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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