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Castle Lanterra Trades Everett Apartments After Three-Year Hold
New York City-based investment firm Castle Lanterra Properties (CLP) finalized the $36.7-million sale of the Lumen, a 108-unit multifamily complex located in Everett, WA, to a private investor. CLP acquired the residential community in 2018 for $22.6 million.
“Lumen is ideally located in a market that boasts a diverse economy powered by several industries including manufacturing, technology and the military,” said Elie Rieder, founder and CEO of CLP. “As a result, the community offered a unique investment opportunity to own a great asset in a market that is experiencing strong demand for quality rental housing.”
Since taking ownership in 2018, CLP net rental income and total income at Lumen by nearly 15% by implementing and completing a value-enhancement strategy. Additionally, halfway through the three-year hold period, CLP refinanced the property with a 10-year Fannie Mae floating rate, interest-only loan.
- ◦Sale/Acquisition


