Project Reflects Castle Lanterra Properties†Long-Term Investment in Cityâ€s Resurgence 

 BAYONNE, N.J., Feb. 14, 2018 – Mayor James Davis, city officials and more than 300 residents and families joined Castle Lanterra Properties (CLP) at a ribbon-cutting ceremony marking the official opening of the newly-renovated resident clubhouse at Harbor Pointe. The 544-unit luxury apartment community, situated on 7.4 acres along the waterfront, is the initial development and centerpiece of the 420-acre man-made Peninsula at Bayonne Harbor.

 

CLPâ€s extensive remodel transformed the recreational facility into a multi-media, multi-purpose clubhouse designed to meet the needs of the communityâ€s evolving resident demographic. A two-story jungle gym is the focal point of the space, which also includes a full-service kitchen, childrenâ€s library, media room, gaming center and fitness center with separate yoga/spin studio.

 

“The resident demographics at Harbor Pointe have evolved to include a larger proportion of young families attracted by Bayonneâ€s cost of living and its accessibility to world class employment,” said Elie Rieder, founder and CEO of the privately held-real estate investment company, which purchased the property in 2015. â€œThis project reflects an expansion of our core value-add investment strategy to include unique amenities aimed at enhancing the quality of life for all residents.”

 

Mayor Davis, who was joined by City of Bayonne council members Juan M. Perez, Gary La Pelusa, Sr., Salvatore Gullace and Thomas Cotter, applauded Rieder for his vision and ongoing commitment to the cityâ€s future. “What you see here is Castle Lanterraâ€s investment into you as residents that live here and also into the City of Bayonne.”

 

Davis also spoke about the signs of economic progress visible throughout the city, particularly on the former Military Ocean Terminal peninsula. “During the last three years weâ€ve seen tens of millions of dollars invested into the City of Bayonne, and over the next 15 years there will be significant growth on this peninsula,” he said, citing the opening of a Costco and stand-alone Starbucks slated for the fall, as well as several mixed-use development projects that will add 700+ residential units to the peninsula.  The mayor also noted that city officials were in final negotiations to establish ferry service into Manhattan, which he called “a game-changer for the city.”

 

Formed in 2009, Castle Lanterra Properties is focused on the acquisition and management of quality income- producing multifamily properties within strategic growth markets throughout the United States. CLP and its affiliates currently own and manage 20 multifamily communities comprised of 9,500 units and a value in excess of $2.0 billion.

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To view additional photos from the event, click here.

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