Marketing is Underway for Two-State Master-Planned Portfolio
CBRE has been exclusively retained by Castlelake, LP, a global alternative investment firm, to market the sale of a master-planned community portfolio across Austin, Dallas, Houston and Nashville. The portfolio consists of 2,300 remaining single-family detached lots and excess land for potential development located within five fully entitled and well-established residential master-planned communities.
More than $250 million in total infrastructure investment has been completed across the communities to date with nearly 3,700 closed lot/home sales.
Patrick Arangio, Jack Howard, Chris McClain and Kurt Altvater of the CBRE capital markets national portfolio sale advisors team and Steve Lehr of CBRE’s land services team have been retained to act as the exclusive advisers for the sale.
“This is an excellent opportunity to acquire a critical mass of highly desirable residential lot inventory along with excess land for commercial development. The lots are within proven master-planned communities,” said Howard.
The portfolio includes contractual municipal expense reimbursement programs in place at each of the communities, providing guaranteed reimbursement for a substantial amount of the total project development costs.
“There is over $120 million of anticipated receivables expected for near-term reimbursement that will inure to a buyer at closing, adding an additional dependable revenue stream to prospective buyers,” said Arangio.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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