Rockland County Firm Pays $136 Million for Long Island Apartment Portfolio

Rockland County Firm Pays $136 Million for Long Island Apartment Portfolio

SUFFERN—Locally-based Castle Lanterra Properties has acquired two Class A communities totaling 316-units in West Hempstead and Hempstead, NY for $136 million.

The transaction was reported by JLL Capital Markets on Nov. 3. JLL marketed the properties on behalf of the seller. Castle Lanterra Properties, which is headquartered in Suffern, acquired the assets.

The portfolio consists of West 130 in West Hempstead and Metro 303 in Hempstead. West 130 comprises 150-units with one-, two- and three-bedroom units averaging 1,082 square feet. Metro 303 comprises 166-units with studio, one-, two- and three-bedroom units averaging 1,076 square feet.

Units feature custom kitchens with islands or breakfast bars, stainless steel appliances, walk-in closets, nine to 10-foot ceilings, in-unit washer and dryers and balcony/patios. The communities offer garage parking, fitness centers, pool with sundecks, business centers, courtyards with fireside lounges and grilling and private storage.

Situated at 130 Hempstead Ave. and 303 Main St., both West 130 and Metro 303 are walkable to three LIRR stations: Country Line Pass, Hempstead and West Hempstead Station. The stations provide rush hour service to Manhattan in approximately 50 minutes. The properties are convenient to two major airports, situated approximately 30 minutes from both John F. Kennedy Internal and LaGuardia Airports.

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Jose Cruz, Steve Simonelli, Andrew Scandalios, Jeffrey Julien, Michael Oliver and Kevin O’Hearn.

“We had very strong interest in Metro 303 and West 130 given the location and ability to add value to both of the assets,” stated Cruz. “The buyer pool consisted of local and regional private buyers as well as regional equity groups looking to deploy capital in infill New York Area submarkets.”

Formed in 2009 by Elie Rieder, Castle Lanterra Properties (CLP) is a privately held real estate investment company focused on repositioning multifamily communities as well as acquiring quality, new-construction properties and emerging investment opportunities in other asset types in strategic growth markets throughout the U.S. CLP currently owns and manages more than 6,600 units across 25 properties throughout the United States.

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