HOUSTON – (Realty News Report) – Lynd Acquisitions Group, a San Antonio-based real estate investment firm, has acquired a portfolio of three Texas apartment communities with a total of 1,059 units. Lynd paid in excess of $150 million.
In Houston, Lynd acquired the Royal Oaks at Westchase at 11212 Westpark Drive. The Royal Oaks at Westchase has 282 units with 1-, 2- and- 3 bedrooms. Miami-based Florida Value Partners partnered with LAG on the acquisition Prudential PGIM provided a $29-million loan.
In the Austin-area community of Round Rock, Lynd purchased the 411-unit Enclave Frontera, located at 2800 La Frontera Road and the 366-unit Lakeside at La Frontera is located at 941 Hesters Crossing.
“This is the kind of value-add opportunity you dream about as an apartment investor,” said A. David Lynd, CEO.
The seller, Sy Li, had acquired all three properties from the original developers within the last 20 years and had made no upgrades during that period. “Lynd approached me directly and I liked what they had to say,” said Li.
With this closing, Lynd has made $240 million in value-add acquisitions in the last six months and is working to close several others. The firm will make significant renovations to the three apartments.
Since 2017, Lynd has acquired in excess of 5,400 multifamily units primarily throughout Texas, Florida and Illinois valued at over $375 million. Lynd focuses on acquiring value-add multifamily assets and invests in affordable housing opportunities throughout the United States.
March 17, 2020 Realty News Report Copyright 2020
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