HOUSTON – (Realty News Report) – Lynd Acquisitions Group, a San Antonio–based real estate investment firm, has purchased a portfolio of three apartment communities in Texas totaling 1,059 units. The firm paid more than $150 million for the portfolio.
In Houston, Lynd acquired Royal Oaks at Westchase, located at 11212 Westpark Drive. Royal Oaks includes 282 units with one-, two- and three-bedroom floor plans. Miami-based Florida Value Partners partnered with Lynd Acquisitions Group on the deal, and Prudential PGIM provided a $29 million loan to finance part of the acquisition.
In the Austin-area suburb of Round Rock, Lynd purchased two properties at La Frontera: Enclave Frontera, a 411-unit community at 2800 La Frontera Road, and Lakeside at La Frontera, a 366-unit community at 941 Hesters Crossing.
“This is the kind of value-add opportunity you dream about as an apartment investor,” said A. David Lynd, CEO of Lynd Acquisitions Group.
The seller, Sy Li, had acquired all three properties from their original developers over the past 20 years and did not perform major upgrades during that time. “Lynd approached me directly and I liked what they had to say,” Li said.
With this closing, Lynd has completed roughly $240 million in value-add acquisitions over the last six months and is working to close additional deals. The firm plans substantial renovations across the three apartment communities to modernize units and common areas, improve curb appeal and enhance tenant amenities.
Since 2017, Lynd has acquired more than 5,400 multifamily units, primarily in Texas, Florida and Illinois, with aggregate investment value exceeding $375 million. The company concentrates on value-add multifamily properties and also invests in affordable housing opportunities across the United States.
March 17, 2020 Realty News Report Copyright 2020
Read the new book for the new year by Ralph Bivins, editor of Realty News Report
Houston 2020: America’s Boom Town – An Extreme Close Up
Available on Amazon