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Follow on Google News | Multi-family Adaptive Reuse Project Breathes New Life into Baltimore Neighborhood222 Saratoga Raises the Bar for Transit-Oriented Luxury Apartment Living
By: Castle Lanterra Properties, LLC. Recently acquired by New York-based Castle Lanterra Properties (http://www.castlelanterraprop.com/) “Over the last decade many industrial and manufacturing businesses moved out of Baltimore, resulting in a number of office and industrial buildings sitting vacant without much use,” said Elie Rieder, CLP’s Founder and CEO. “As more jobs came back into the downtown area, the city began attracting millennials and young professionals in search of flexible, urban rental housing. Developers seized the opportunity to convert these empty commercial buildings into residential projects.” 222 Saratoga offers a mix of one- and two-bedroom apartments with one and one-and-one- “This building was originally constructed as an all-concrete bomb shelter in the early 1900s and was later repositioned as a logistics center before its residential conversion in the early 2000s,” said Rieder. “These are by no means ‘cookie cutter’ apartments – units boast large concrete columns and concrete floors, exposed air ducts and soaring ceiling heights up to 20 feet high. All units have private balconies and truly exemplify the loft-style aesthetic. This is the kind of urban chic setting that many of today’s ‘renters by choice’ are seeking.” In keeping with CLP’s focus on maximizing the potential of its residential properties, 222 Saratoga also offers strong value-add potential. In addition to opportunities for refurbishing the property and improving management, additional units can be added by repurposing and reconfiguring the existing space. Plans are underway to enhance 222 Saratoga’s on-site amenities by renovating the building’s vacant ground-floor retail space. “We will be adding a sizeable fitness center, a lounge, a business café and a large leasing office – everything will be state-of-the- Castle Lanterra Properties specializes in identifying investment opportunities in multi-family properties. Founded by Elie Rieder, the firm acquires, improves, repositions and manages a portfolio of properties across the Northeast, Mid-Atlantic and Southern U.S., with a proven track record of creating above-market returns for investors. In the past twelve months, Castle Lanterra Properties has acquired $290 million of assets including over 1,900 residential units. About Castle Lanterra Properties (http://www.caryl.com/ End
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