NEWBURGH, N.Y. — Castle Lanterra Active Adult, a division of Castle Lanterra, has acquired Reserve at Lakeside, a newly constructed active adult apartment complex in Newburgh.
Blue Foundry Bank provided acquisition financing. The seller, price and number of units were not disclosed.
This is Castle Lanterra Active Adult’s second acquisition in the age-restricted apartment sector, following its acquisition of Diamond Oaks Village in the Paradise Coast between Naples and Fort Myers, Florida.
“We are extremely bullish about this sector and will continue to look to add to our portfolio,” says Elie Rieder, Castle Lanterr’as founder and CEO.
Opening in early 2021, Reserve at Lakeside is located in the Hudson Valley along the Hudson River and in close proximity to Westchester County, New York City and Northern New Jersey. The community is also near numerous state parks and historic sites, in addition to being 15 minutes from downtown Beacon that offers residents various shopping, dining and cultural attractions.
The community consists of one-bedroom units and two-bedroom apartments.