Asher, a 452-unit apartment community, sits on a 56-acre site near a development-restricted greenbelt.
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.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
