Castle Lanterra Completes Sale of 224-Unit Residential Property in Suffolk
Castle Lanterra announced the sale of Meridian Obici, a 224-unit multifamily community located in Suffolk, Virginia, within the Hampton Roads metropolitan area.
Completed in 2016, Meridian Obici is a highly amenitized multifamily community featuring a resort-style saltwater swimming pool, fitness and business centers, resident entertainment spaces, outdoor kitchens, detached garages, storage units, and a dog park. The property is situated along Suffolk’s North Main Street corridor, providing residents with convenient access to retail, dining, and essential services.
CL acquired Meridian Obici in October 2018 for approximately $32 million, or $143,000 per unit, which allowed the company to own a recently constructed, stabilized asset at an attractive basis within one of Virginia’s fastest-growing regional economies.
The property provides connectivity to major employment hubs throughout Newport News, Norfolk, Virginia Beach, and the surrounding metropolitan area.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout