Rebrand and Refresh Creates Value for New Owner
Castle Lanterra Properties renovated Asher, which resulted in meaningful rent premiums, provided proof of concept and substantial upside potential for the new owner at a purchase price of $70 million.
AUSTIN, TX—After acquiring the 452-unit Asher multifamily property in 2015 for $51.55 million, Castle Lanterra Properties embarked on a multi-million dollar strategic capital improvement plan to enhance the resident experience and create value. The campaign included rebranding, a complete overhaul of the property’s clubhouse and leasing office, a conversion of a former laundry room to expand the 24-hour fitness center, extensive renovations to the property’s two pools, adding poolside seating areas, and repainting all buildings.
Castle Lanterra Properties also renovated 142 of the units, which resulted in meaningful rent premiums while also providing proof of concept and substantial upside potential for the new owner. The property was recently purchased for $70 million. The 414,030-square-foot multifamily property sits on a 56-acre low-density site adjacent to a development-restricted greenbelt.