CORPUS CHRISTI, TX— Castle Lanterra Properties , which has established a strong presence in Texas' capital city of Austin with three recent acquisitions totaling 1,300 units, has now extended its statewide presence with the acquisition of San Marin , a 220-unit apartment community. San Marin was constructed in 1998, located along South Staples Street. "The community features resort-like ambiance, including an expansive swimming pool, clubhouse, fitness center and other key amenities," said Elie Rieder , founder and CEO of Castle Lanterra Properties. "The property is well maintained and beautifully landscaped. The previous owner invested significant capital for exterior upgrades such as the replacement of roofs, a repainting of the property and landscaping improvements. We believe there is an opportunity to significantly enhance the value of this asset by also renovating unit interiors and bringing them up to level that is commensurate with the quality of the exterior and also meets the standards of this growing rental population." San Marin is located in a market well known for tourism as well as a highly skilled workforce fueled by petrochemicals, heavy fabrication, water transport, aerospace and marine research. Rieder tells GlobeSt.com: "San Marin features timeless architecture, a large, gorgeous pool, excellent amenities and a great location. We plan to carry this clean, contemporary exterior into the units with modern renovations that will result in a cohesive, beautiful look inside and out. And, it has a resort-like feel. Last week, when we were onsite at the property, we observed kids playing in the pool, a group enjoying the sand volleyball court, dogs frolicking in the dog park and residents grilling by the picnic tables. We look forward to building on this sense of community with further enhancements and updates that enable it to rival the quality of the area's best hotels." An estimated $30 billion in new construction projects are underway in the area, including substantial expansion of the local port infrastructure as major corporations continue to invest in the region, bringing employment and wage growth. "The surrounding area near San Marin has seen growth of 12% during the past five years, and that growth is expected to continue," said Castle Lanterra Properties managing director Austin Alexander . "For this specific property, the neighborhood offers great amenities, including copious retail, nearby beach access and excellent schools that attract tenants who demand a high-quality product. We have allocated more than $10,000 per unit for ongoing property upgrades, further enhancing the potential for rent growth." Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more. CORPUS CHRISTI, TX— Castle Lanterra Properties , which has established a strong presence in Texas' capital city of Austin with three recent acquisitions totaling 1,300 units, has now extended its statewide presence with the acquisition of San Marin , a 220-unit apartment community. San Marin was constructed in 1998, located along South Staples Street. "The community features resort-like ambiance, including an expansive swimming pool, clubhouse, fitness center and other key amenities," said Elie Rieder , founder and CEO of Castle Lanterra Properties. "The property is well maintained and beautifully landscaped. The previous owner invested significant capital for exterior upgrades such as the replacement of roofs, a repainting of the property and landscaping improvements. We believe there is an opportunity to significantly enhance the value of this asset by also renovating unit interiors and bringing them up to level that is commensurate with the quality of the exterior and also meets the standards of this growing rental population." San Marin is located in a market well known for tourism as well as a highly skilled workforce fueled by petrochemicals, heavy fabrication, water transport, aerospace and marine research. Rieder tells GlobeSt.com: "San Marin features timeless architecture, a large, gorgeous pool, excellent amenities and a great location. We plan to carry this clean, contemporary exterior into the units with modern renovations that will result in a cohesive, beautiful look inside and out. And, it has a resort-like feel. Last week, when we were onsite at the property, we observed kids playing in the pool, a group enjoying the sand volleyball court, dogs frolicking in the dog park and residents grilling by the picnic tables. We look forward to building on this sense of community with further enhancements and updates that enable it to rival the quality of the area's best hotels." An estimated $30 billion in new construction projects are underway in the area, including substantial expansion of the local port infrastructure as major corporations continue to invest in the region, bringing employment and wage growth. "The surrounding area near San Marin has seen growth of 12% during the past five years, and that growth is expected to continue," said Castle Lanterra Properties managing director Austin Alexander . "For this specific property, the neighborhood offers great amenities, including copious retail, nearby beach access and excellent schools that attract tenants who demand a high-quality product. We have allocated more than $10,000 per unit for ongoing property upgrades, further enhancing the potential for rent growth." Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

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