Suffern, N.Y.–based Castle Lanterra Properties (CLP) has added the 284-unit Springs at Corpus Christi to its expanding Texas multifamily portfolio, which now includes 2,131 units across six properties.
Springs at Corpus Christi is CLP’s second multifamily acquisition in Corpus Christi, following its 220-unit San Marin property acquisition in July. San Marin was CLP’s first Texas acquisition outside of the Austin market, where it currently owns 1,627 units across four properties.
In a Nov. 30 press release, CLP managing director Austin Alexander notes that rents in Corpus Christi increased an average of 4.5% in 2015, and that its population has grown by 40,000 over the past six years. The city contains the nation’s sixth-largest port, an army and naval station, a “thriving tourism industry,” and $30 billion in construction projects under way. Alexander considers this a sign of the region’s “strong stability and growth potential.”
Springs at Corpus Christi represents a departure from CLP’s usual value-add strategy. “CLP has an established track record of creating value through large-scale improvements and institutional-style management,” Elie Rieder, CLP's founder and CEO, said in the release. “Springs at Corpus Christi is a marquee property in South Texas that represents a turnkey, institutional-grade investment opportunity for our portfolio. CLP is very familiar with the strength of this market and wanted to diversify our portfolio with one of the city’s top multifamily properties.”
The community features 17 different one- to three-bedroom floor plans, with an average size of 973 square feet. Twenty of its units are designated “Concierge Units,” which include updated utilities and stainless steel appliances. A swimming pool, 24-hour fitness center, dog park, and a complimentary car care area are available for resident use. Many medical and educational employers, including Texas A&M University–Corpus Christi, are located nearby, as are the city’s central business district, its major interstates, and the Corpus Christi International Airport.
Including its Texas investments, CLP currently owns and manages a 7,900-unit portfolio valued at over $1 billion.