New York based Castle Lanterra Properties (CLP) has sold a 608-unit apartment community in the Chesapeake Bay for $154 million.
A team from the Transwestern Mid-Atlantic Multifamily Group brokered the sale on behalf of CLP to a JV TPG Real Estate Partners (TREP) and The Bainbridge Companies.
CLP acquired the 21-building Watergate Village in Annapolis, MD, for $105 million in 2015. Located on a 31-acre inlet of the Chesapeake Bay peninsula, the property features panoramic water views, a 162-slip marina with fishing docks, and is located within walking distance of historic downtown Annapolis and the Naval Academy.
“Watergate Pointe is a unique community that offers a rare opportunity in the market,” said Elie Rieder, founder and CEO of CLP. “It is a jewel that sits on 30-plus acres in an irreplaceable waterfront location. CLP successfully executed a value-add strategy and repositioned this one-of-a-kind property over the past six years, and we’re confident the community will continue to thrive under TREP’s ownership.”
“Watergate Pointe’s unmatched waterfront views and expansive amenities make the property an ideal location for residents looking for an affordable, spacious, and high-quality living option near downtown Annapolis,” said Dan Frydman, Managing Director at TREP. “We look forward to investing further in the community to best serve a diverse range of current and future residents.”
As the only property in its submarket with 3,000 feet of water frontage, Watergate is unrivaled in terms of location and offers residents true resort-style living. Community amenities include an Olympic style pool, fitness center, children’s playground and sports court, dog park, business center and conference room, and outdoor kitchen and grilling stations. Units feature vaulted ceilings, fully appointed kitchens with granite countertops, renovated bathrooms, expansive balconies, washer and dryers in select units, and vinyl plank flooring.
The Bainbridge Companies, a full-service, best-in-class owner, developer and manager of luxury apartment homes, will serve as the operating partner and property manager for Watergate Pointe.
CLP was represented by the team of Dean Sigmon and Robin Williams, both serving as Executive Vice Presidents and Co-Directors, as well as Vice President Justin Shay, CCIM, of the Transwestern Mid-Atlantic Multifamily Group.