Castle Lanterra Properties (CLP) has bought its second apartment building in Virginia.
CLP purchased Meridian Obici, a 224-unit apartment building in Suffolk, for $32 million.
The acquisition expands the company’s mid-Atlantic portfolio. The New York City-based real estate investor bought its first Virginia property in 2013 when it acquired the Misty Ridge Apartments in Woodbridge for $62 million.
“The state of Virginia has long been on our investment radar,” Elie Rieder, CEO of CLP, said in a statement.
“We have witnessed tremendous growth over the past five years, and the state has quickly emerged as a major economic center for new businesses and job seekers alike. The Suffolk/Hampton Roads submarket is particularly attractive to us due to its positive supply/demand dynamics, its growing population of Millennials, and diverse local economy.”
