Castlelake sold approximately 2,200 residential lots and municipal receivables in Texas and Tennessee to an investment management firm, adding to its 30,000 assets across the United States.

The transactions are in high-growth metropolitan areas.

“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,” Evan Carruthers, managing partner and chief investment officer of Castlelake, said in a release. “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 currently manages approximately $20 billion of assets on behalf of its investors, the release said.

Castlelake is an alternative investment management company that works globally.

The company has closed a sale of a portfolio made up of 2,200 residential lots as well as municipal receivables in Texas and Tennessee.

The portfolio has developed single-family detached lots in five residential communities across 4 of the highest growing metropolitan areas in the U.S., which are Austin, Dallas, Houston and Nashville.

Since its foundation in 2005, Castlelake has acquired more than 30,000 assets across the country.