Castle Lanterra Active Adult Grows Portfolio With Third 55+ Residential Community Acquisition in 2022
TOMBALL, TX—Castle Lanterra Active Adult, a division of Castle Lanterra (the New York-based national real estate investment firm), announced last week its third major acquisition in the active adult multifamily (55+) asset class, with the purchase of Laurel at Vintage Park in the Houston, TX suburb of Tomball. With this most recent acquisition, the firm has accumulated over $125 million of assets in the active adult sector during 2022. Castle Lanterra Active Adult acquired the residential community from Coastal Ridge.
This acquisition speaks to Castle Lanterra’s focus on strategically expanding and enhancing its platform in the active adult sector in targeted markets across the country. The firm made its foray into the active adult sector earlier this year with the acquisitions of Diamond Oaks Village in the Paradise Coast between Naples and Fort Myers, FL and Reserve at Lakeside in New York’s bucolic Hudson Valley.
“Laurel at Vintage Park provided us with the rare opportunity to purchase a recent vintage 55+ community with value-add potential in one of Houston’s most desirable live-work-play suburban neighborhoods,” said Frank Small, senior managing director and head of investments for Castle Lanterra Active Adult.
Built in 2014, Laurel at Vintage Park is a 120-unit residential community strategically positioned next to Vintage Park—northwest Houston’s premier destination for business, shopping, dining and entertainment. Community features include a resort-style pool with a sundeck, two-story clubhouse with a kitchen, fitness center, aerobic studio, coffee and wine bar, game and craft room, library, computer lounge with free Wi-Fi, outdoor covered seating areas, grilling stations, walking trail, pet park, elevator access, garage with covered parking and 24-hour emergency maintenance service. Homes boast 10 foot ceilings, kitchens with a pantry, granite countertops, stainless-steel appliances, washer and dryer, walk-in closets, breakfast bar, wood-style plank floors, ceiling fans and a private patio with a backyard for select units.