New York-based Castle Lanterra Properties (CLP) has sold its Stratus Townhomes in Denver, CO to Klingbeil Capital Management for $85 million.
Acquired by CLP in November 2017, Stratus Townhomes is a 36-building, 280-unit townhome community. The community consists of 140 two-bedroom units and 140 three-bedroom, tri-level homes with private entrances.
“Although we believe there remains tremendous upside at this outstanding property, CLP far exceeded our 10-year IRR projections for Stratus Townhomes in less than four years,” said Elie Rieder, founder and CEO of CLP. “Our relationship with Klingbeil Capital goes back many years and we believe they will continue to add value to this unique asset.”
Following its acquisition of the residential community, CLP invested in a number of major capital improvements and a modernization.
The property features an array of amenities including an updated clubhouse, Wi-Fi Café, lounge area and fireplace, swimming pool, barbeque grills, large dog park, and new parking lot and playground. The town homes are equipped with private entrances and full basements in each unit, full-size washer and dryer connections, gas heating, air conditioning, all electric kitchens and extra storage.
The two firms have a long and successful relationship. CLP acquired the Misty Ridge Apartments community in Woodbridge, VA from Klingbeil in 2013 and after the implementation of a successful value add strategy, CLP exited the property in 2019.