Castle Lanterra Properties Sells Watergate Pointe to TPG Real Estate Partners/The Bainbridge COs JV
Annapolis, MD - June 9, 2021 - Castle Lanterra Properties (CLP), a New York-based national real estate investment firm, today announced the sale of Watergate Pointe in Annapolis, Maryland to TPG Real Estate Partners (TREP), the dedicated real estate equity investment platform of alternative asset firm TPG, in partnership with The Bainbridge Companies.
“Watergate Pointe is a unique community that offers a rare opportunity in the market,” said Elie Rieder, founder and CEO of CLP. “It is a jewel that sits on 30-plus acres in an irreplaceable waterfront location. CLP successfully executed a value-add strategy and repositioned this one-of-a-kind property over the past six years, and we’re confident the community will continue to thrive under TREP’s ownership.”
Watergate Pointe is a 21-building, 608-unit campus apartment community located on an expansive 31-acre inlet of the Chesapeake Bay peninsula. The property features panoramic water views, a 162-slip marina with fishing docks, and is located within walking distance of historic downtown Annapolis and the Naval Academy.
“Watergate Pointe’s unmatched waterfront views and expansive amenities make the property an ideal location for residents looking for an affordable, spacious, and high-quality living option near downtown Annapolis,” said Dan Frydman, Managing Director at TREP. “We look forward to investing further in the community to best serve a diverse range of current and future residents.”
As the only property in its submarket with 3,000 feet of water frontage, Watergate is unrivaled in terms of location and offers residents true resort-style living. Community amenities include an Olympic style pool, fitness center, children’s playground and sports court, dog park, business center and conference room, and outdoor kitchen and grilling stations. Units feature vaulted ceilings, fully appointed kitchens with granite countertops, renovated bathrooms, expansive balconies, washer and dryers in select units, and vinyl plank flooring.
The Bainbridge Companies, a full-service, best-in-class owner, developer and manager of luxury apartment homes, will serve as the operating partner and property manager for Watergate Pointe.
CLP was represented by the team of Dean Sigmon and Robin Williams, both serving as Executive Vice Presidents and Co-Directors, as well as Vice President Justin Shay, CCIM, of the Transwestern Mid-Atlantic Multifamily Group.
About Castle Lanterra Properties
Formed in 2009 by Elie Rieder, Castle Lanterra Properties (CLP) is a privately held real estate investment firm with a focus on the acquisition and repositioning of multifamily communities as well as acquiring quality, new-construction properties located within strategic growth markets throughout the United States. Mr. Rieder has bought and sold tens of thousands of residential units throughout North America. CLP seeks to optimize the potential of each investment and create a higher sense of community at its properties through value-added elements and operational enhancements that include thoughtful renovations, operational improvements, and ancillary income development. Core to its mission, CLP aims to leverage its deep in-house operating platform to revitalize housing communities with modern, functional amenities, enhanced technology, and vibrant social programs that positively impact residents and generate attractive risk-adjusted returns for its investment partners. CLP currently owns and manages over 7,500 units across 25 properties throughout the United States. For more information, visit www.castlelanterra.com.
About TPG Real Estate Partners
TPG Real Estate Partners ("TREP”) is the dedicated real estate equity investment platform of global alternative asset firm TPG. Today, TREP has approximately $5.6 billion of assets under management. Since its inception in 2009, TREP has built a differentiated investment portfolio comprised primarily of real estate-rich platforms and portfolios located in the United States and Europe. The foundation of TREP’s investment strategy is a research and data-driven approach to investment theme generation, allowing it to be highly selective in identifying the most compelling opportunities in specific sectors and geographies. During its ownership, TREP’s value creation strategies focus on driving returns across three critical dimensions: the optimization of property-level performance, the aggregation and curation of strategically aligned portfolios, and the enhancement of platform capabilities. These strategies are frequently pursued in partnership with dedicated management teams.
TPG was founded in 1992 and now has more than $91 billion of assets under management with investment and operational teams in 12 offices around the world. For more information, visit www.tpg.com.
About The Bainbridge Companies
Bainbridge is a leading owner, developer, and manager of luxury multifamily apartment communities in the Eastern United States and Texas. Founded in 1997, Bainbridge is a fully integrated family of real estate companies engaged in the development, construction, acquisition, and management of multifamily real estate. Bainbridge is headquartered in Wellington, FL with regional offices in Orlando and Tampa, FL; Atlanta, GA; Bethesda, MD; Charlotte and Raleigh, NC; and Dallas and Austin, TX. Bainbridge currently owns and manages in excess of 20,000 apartments and develops and operates