Castle Lanterra Properties has closed on the purchase of River Park, a multifamily community in Somerset County’s borough of Raritan, NJ for $56 million. Constructed in 2007, the project offers underground parking, a heated pool, fitness center, business center, recreational facilities, and onsite concierge. Located at 100 River Park Dr., the 224 unit property traded for $250,000 per unit. This acquisition marks the second apartment complex that Castle Lanterra has bought in New Jersey, having snapped up the 544 unit Harbor Pointe five months ago.
“Having personally invested in a substantial number of apartment communities in New Jersey over the past 18 years, I knew the $250,000 per unit valuation at which we were able to acquire this immaculate property was a solid entry point,” said Elie Rieder, CLP’s founder and CEO. “Historical sales of other competitive properties within this submarket have seen prices in the $275,000-$285,000 range.”
