Villas Tech Ridge Villas TechRidge was built in 2008 at 13838 The Lakes Blvd.

AUSTIN, TX—New York-based Castle Lanterra Properties purchased aclass-A 350-unit rental community, Villas Tech Ridge at 13838 TheLakes Blvd., before Austin was significantly on institutionalinvestors' radars. This was in February 2016, and the firm setabout subsequently refreshing and modernizing the property tocompete with surrounding newly constructed product.

Castle Lanterra recently sold the asset to New York Life. CLP isexiting the investment in line with an original business plan thatallowed the firm to boost net operating incomes and maximizereturns. The property is currently 98% leased.

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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.