Castle Lanterra Active Adult, a division of multifamily investor Castle Lanterra, has acquired Reserve at Lakeside, a brand-new 102-unit active adult community located in Newburgh, New York (about an hour north of New York City). Built in 2021, the community has high-end finishes and spacious rooms with resort-like amenities.
Castle Lanterra is bullish on the active adult sector and will be looking to add more active adult communities to its portfolio. To them, an appealing aspect of the active adult sector is its low barriers to entry. With more widespread appeal for these communities, it makes an attractive investment for a variety of real estate investment firms like Castle Lanterra.
The company entered the active adult sector earlier this year with the acquisition of 160-unit Diamond Oaks Village in Bonita Springs, Florida. Built in 2017 by the United Group of Cos., the village is an age-restricted residential community for households with members aged 55 years or older. With the intention of following demographic trends, expect Castle Lanterra to continue to acquire communities within this up and coming sector.
