Castle Lanterra Active Adult Acquires Second Community
NEWBURGH, NY—Castle Lanterra Active Adult—a division of Castle Lanterra, the New York-based national real estate investment firm, which had $750 million in transaction volume during 2021—recently announced its second acquisition in the active adult multifamily (55+) asset class with the purchase of Reserve at Lakeside, a newly-constructed apartment complex in Newburgh, New York. Blue Foundry Bank provided acquisition financing.
“We are thrilled to be making our second major acquisition of an active adult (55+) community,” said Castle Lanterra founder and CEO, Elie Rieder. “We are extremely bullish about this sector and will continue to look to add to our portfolio.”
This acquisition speaks to Castle Lanterra’s focus on strategically expanding and enhancing its platform into the active adult sector in targeted markets across the country. The firm made its first foray into the active adult sector earlier this year with its acquisition of Diamond Oaks Village in the Paradise Coast between Naples and Fort Myers, Florida.
“We will implement a hands-on approach to managing this tremendous asset, adding white-glove level service commensurate with the physical quality to create a highly desirable community atmosphere to the benefit of everyone,” said Frank Small, senior managing director and head of investments.
Opened in early 2021, Reserve at Lakeside is ideally located in the bucolic Hudson Valley along the Hudson River and is in close proximity to Westchester County, New York City and northern New Jersey. The community is also near numerous state parks and historic sites, in addition to being 15 minutes from downtown Beacon, which offers residents various shopping, dining and cultural attractions.