Castle Lanterra buys suburban Texas community

Castle Lanterra Properties, a New York-based national real estate investment firm, announced the acquisition of Broadstone McKinney, a new 255-unit suburban multi-family community located minutes from bustling historic downtown McKinney, Texas.

The company, which owns and operates more than 6,600 residential units across the country, has purchased the developer’s asset, Alliance Residential. Sources familiar with the deal say the sale price was north of $60 million.

“We are extremely optimistic about the strength of the residential market in the Dallas/Fort Worth area, which leads the nation in job gains and population growth, and in particular the huge upside of this community truly unique multifamily,” said CLP CEO Elie. Rieder. “Additionally, the McKinney submarket is expected to experience future job growth of nearly 55% – well above the national average of 33.5%, illustrating the wealth in the immediate region.”

The newly built residential property includes units with balconies or patios; private lessons; electric front door locks and Nest thermostats. Community amenities include a clubhouse with resident lounge, full kitchen and play area, business center with private conference room, Technogym fitness center, swimming pool, outdoor kitchen lounge, children’s park dogs and pet lounge, LuxerOne package center and 24-hour service. emergency maintenance services.

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