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Castle Lanterra acquires LI apartment communities for $138M

Suffern-based Castle Lanterra Properties, a national real estate investment firm active in the multifamily real estate throughout the United States, has acquired two Long Island apartment communities for $138 million.

The company has acquired 303 Main Street in Hempstead (pictured top) and 130 Hempstead Avenue in West Hempstead, both owned by Hartford, CT-based UBS Realty Investors.

Both buildings were developed by Mill Creek Residential Trust, now based in Boca Raton, FL.

130 Hempstead Avenue

The 150-apartment West Hempstead property, adjacent to the West Hempstead LIRR station, was developed in 2012 on the site that previously housed the Courtesy Hotel. It was sold to UBS in 2013.  Eleven years remain on its PILOT agreement. UBS paid $70.25 for the property. Castle is paying $69 million.

The 166-apartmtent Hempstead Village property, known as Metro 303, was built in 2011 and sold to UBS in 2014. Castle Lanterra is paying $69 million for the property. UBS paid $73.75 million.

The Town of Hempstead Industrial Development Agency (IDA) approved the transfer of PILOT agreements to Castle Lanterra.

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