Castle Lanterra Launches Scholarships for Tenants

BAYONNE, NJ—Castle Lanterra Properties has launched an academic scholarship program to provide opportunities for its tenants at the company's residential properties throughout the east, south and midwestern U.S., says Elie Rieder, founder and CEO of the New York-based, privately-held real estate company. The Castle Lanterra Properties Scholarship Program will be offered to residents and their families within the company's 3,000+-unit multifamily portfolio. In Bayonne, the program is open to residents of the recently acquired, 544-unit Harbor Pointe on the city's waterfront.

"Philanthropy has always been a vital part of our business philosophy," says Rieder, "and we are pleased to be able to give back to the residents of our communities with this meaningful program." Rieder's father was instrumental in financing Yeshiva KIetana in New York. Education has always been an important cause to the family.

"The quality of life of our residents remains a very high priority, as always, and we are pleased to be able to reward the loyalty of residents with this opportunity," he says. "It is our desire for our residents to feel proud of where they live."

"We're working closely with property managers at each of the properties eligible for this program," says Jim Brady, vice president of property management and operations at Castle Lanterra. "Our property manager at Harbor Pointe is enthusiastic and very knowledgeable about the residents and has expressed great interest in the scholarship program."

"This opportunity is amazing," says Paul Medawar of Alliance Residential Co., business manager at Harbor Pointe. "We are so fortunate to be working with Castle Lanterra Properties."

Castle Lanterra tenants who are eligible include high school seniors, graduates and post-secondary undergraduates who plan to enroll in full-time undergraduate study at an accredited two- or four-year college, university, or vocational-technical school for the entire 2016-2017 academic year. The company will award $5,000 for the top scholarship recipient and two additional $1,000 awards.

The program is designed to recognize students with strong academic performance who demonstrate leadership and participate in both school and community activities. Work experience, career and educational goals, and any unusual personal or family circumstances are also considered.

"We chose to have students write an essay covering some issue of 'personal, local, national or international' concern. The goal is to encourage self-expression and consideration of the world today and their role in the community," Rieder says.

The program launches today, with an application deadline of March 1, 2016.