Castle Lanterra Properties (CLP) has acquired a 224-unit luxury community in Suffolk, Va. The Class A property is situated in the Hampton Roads metropolitan region, one of the most popular areas in the country for new Millennial residents.
Located at 1000 Meridian Obici Way off Suffolk’s historic Main Street, Meridian Obici offers easy access to some of the largest employers in the market, including the Naval Station and Portsmouth Marine Terminal, Sentara Obici Hospital, Target, Sysco, Kraft, Unilever and GEICO.
The property features a mix of one-, two- and three-bedroom apartments ranging from 718 square feet to 1,432 square feet. Amenities at Meridian Obici include:
a saltwater swimming pool a sundeck a fitness center a multimedia theater a car-care center a dog park
“The state of Virginia has long been on our investment radar,” said Elie Rieder, CEO of CLP, in a prepared statement. “Having already acquired 409 units back in 2013, 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 Millenials, and diverse local economy. Coupled with a best in class asset such as Meridian Obici, this investment offers a strong combination of steady yield and deep intrinsic value.”
Magnet for growth
Last year, the Urban Land Institute named the Hampton Roads region as the area that had experienced the biggest uptick in millennial residents. Just this week, Drucker + Falk acquired a 396-unit in Newport News, Va. for $52.7 million, while in June, Steadfast Apartment REIT III Inc. purchased a 183-unit property in Chesapeake, VA. For $30 million.
Image via Meridian Obici