Castlelake Completes Sale of Five Residential Communities in High Growth MSAs in Texas and Tennessee

Portfolio substantially comprised of developed lots and related municipal receivables

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Dec 20, 2021, 10:00 ET

MINNEAPOLIS, Dec. 20, 2021 /PRNewswire/ -- Castlelake, L.P. ("Castlelake"), a global alternative investment manager with 16 years of experience investing in asset-rich opportunities, today announced it has completed the sale of a portfolio comprised of 2,200 residential lots and municipal receivables in Texas and Tennessee to a prominent investment management firm.

The portfolio consisted of developed single-family detached lots across five residential communities in four of the leading high growth metropolitan areas in the U.S.—Austin, Dallas, Houston and Nashville. The land within the portfolio had been substantially developed with significant infrastructure in place, enabling a faster timeline to residential construction. Additionally, the portfolio included excess land for potential build-to-rent, multifamily and commercial development as well as contractual municipal receivables providing for the reimbursement of remaining project development costs.

"When we acquired the assets in this portfolio, we identified several potential growth drivers including corporate relocations and growing single-family housing demand that have since benefited the assets," said Evan Carruthers, Managing Partner and Chief Investment Officer of Castlelake. "These growth drivers, coupled with infrastructure investment to position the assets to meet the needs of top homebuilders, has led to meaningful appreciation of the portfolio."

Castlelake has deep experience and expertise investing and managing real assets across geographies. The firm has acquired more than 30,000 assets across the U.S. since its founding in 2005.

CBRE acted as sole financial and real estate advisor to Castlelake for this transaction.

About Castlelake
Castlelake, L.P. is a global alternative investment manager focused on investments in real assets, specialty finance and aviation. Founded in 2005, Castlelake manages approximately $20 billion of assets on behalf of its investors. The Castlelake team comprises more than 200 experienced professionals, including 89 investment professionals, across six offices in North America, Europe and Asia. For more information, please visit https://www.castlelake.com/.

Contact
Castlelake Media Relations
Molly Blemker
+1 612 851 3083
[email protected]

Prosek Partners for Castlelake
Josh Clarkson
[email protected]
+1 212 279 3115

SOURCE Castlelake