Lynd Acquisition Group (LAG) acquired a 327-unit garden-style apartment community in San Antonio for $76.25 million.   The property was developed in 2021 by its affiliate Lynd Development Group.  Both entities are part of San Antonio-based LYND Group. 

“At LYND, we feel that Culebra Commons is the nicest garden deal we have ever developed,” said CEO A. David Lynd.  “Selling it to someone else just did not feel right.   Hats off to my scrappy acquisitions team for closing any deal in a challenging real estate market like the one we are currently facing.”    

Culebra Commons is located in the Far West/Great Northwest section of San Antonio at 7106 Culebra Commons Road.   It is minutes away from major employers like Lackland AFB, popular shopping destinations, medical facilities and attractions like Sea World.

The community offers one, two and three bedrooms with an average size of 835 square feet.  Residences were built with plank-wood flooring, quartz countertops, modern cabinets, walk-in closets and other modern features and conveniences.

Luxurious amenities include a resort-style pool with private cabanas, Yoga studio and indoor/outdoor gym, an elegant club room with fireplace and flat screen TVs, resident lounge with a catering kitchen, playground and a dog-walk area with obstacle equipment.

LAG will receive a tax break on the property as 50 percent of the units have been set aside for affordable housing. Residents pay reduced rent based on their income as it relates to the Area Median Income (AMI).  Lynd Development Group utilized a state program meant to encourage the building of more affordable units.

“Culebra Commons was one of the most successful lease-ups we have ever had at any of our new developments,” said Constantine Scurtis, LYND’s Chief Investment Officer. “We are very pleased to add this quality asset to our expanding portfolio.”  

San Antonio-based LYND has developed over 1,500 units, owned over 7,000 units and managed over 73 properties in its own backyard since it was founded in 1980.  In total, the firm has invested over $3.08 billion nationally and developed $1.8 billion in San Antonio, Chicago, Miami and Austin.

In November, LYND refinanced a $12 million loan on a 2.91-acre development site in Dania Beach, Florida. Along with a partner, it plans on developing a 15-story residential tower on the water in this coastal city near Fort Lauderdale. Construction is expected to start in the third quarter of 2024.  

250-unit Legends Lake Creek is fifth purchase for Texas-based real estate company in 2021

 LYND, a Texas-based apartment investor, developer and operator, has acquired a 250-unit garden-style apartment community in North Austin, Texas, the company’s fifth acquisition in 2021.  Terms of the off-market deal that closed July 14 were not disclosed. With the purchase of Legends Lake Creek, LYND now owns and manages three apartment communities in the greater Austin area.

“We love Austin,” said A. David Lynd, CEO of LYND. “The population continues to grow, and the area continues to create high-paying jobs. As a result, it has an incredibly strong pool of renters.  We look forward to rolling out our LYND Living brand in another part of town.” 

Legends Lake Creek features one, two, and three-bedroom floorplans, and boasts several amenities including a pool, clubhouse, fully equipped fitness studio, BBQ/picnic area and business center.  One-quarter of the units offer attached garages.  

LYND plans on spending $3 million on interior renovations including the addition of quartz countertops and stainless-steel appliances in the kitchen, plank flooring and new light and plumbing fixtures. The company will invest another $1.4 million to create new amenities, such as an outdoor lounge area, Amazon package lockers, and to freshen up building exteriors and common areas. 

Legends Lake Creek is located at 10015 Lake Creek Pkwy., Austin, Texas 78729.

“Rents in this part of Austin are still relatively affordable,” said Constantine Scurtis, president of LYND Acquisition Group. “The property is less than 10 minutes away from Apple’s new campus and steps away from where Texas Children’s Medical Hospital will be built.  There is exceptional retail as well with Lakeline Mall and easy access to The Domain.”

Since March of 2020, LYND has acquired a total of nine multifamily assets including three in Houston, three in Austin, one in Colorado Springs and two in South Florida. The company has another $200 million in its pipeline for the remainder of 2021.

Properties to add 934 units to investor’s growing portfolio

HOUSTON/SAN ANTONIO, Texas (July 1, 2021)– LYND, a national apartment investor, developer and operator, has closed on the acquisition of two apartment communities in suburban Houston, Texas.

LYND paid $84 million for the 372-unit Paramount at Kingwood and the 312-unit Villas of Valley Ranch, both located northeast of the city.  The seller is Sy Li, a private Texas-based real estate investor. 

The two parties went to contract in March 2020, but the pandemic threatened the deal.  In September, LYND took over management of the assets, spent $600 thousand on renovations, significantly boosted rents and occupancy, and finally got the transaction to the closing table.

“This is basically a case study in what can be done to save a deal when big, unforeseen problems arise,” said A. David Lynd, LYND CEO. “After we went to contract, the properties started tanking, but we did not cut bait and run. Instead, we persuaded the owner to hire us to manage the assets and try to right the ship.  Our Houston team sprang into action, and just five months later, turned them around completely and got them ready for sale.   Now, three years after first pursuing the purchase, we closed the deal.” 

“It’s never comfortable handing over management to a potential buyer,” said Li. “However, since we sold a different portfolio to LYND weeks prior to the pandemic for $161 million, I trusted David to do exactly what he said he would do this go around, and that’s close.” 

Paramount at Kingwood, located in Kingwood, Texas, features 1, 2, and 3-bedroom units with a clubhouse, pool and fitness center.  The Villas at Valley Ranch, located in Porter, Texas, offers 1- and 2-bedroom units and has a pool, outdoor fireplace, dog walk and walking trails. 

“We are bullish on this particular submarket given some of the infrastructure improvements,” said Constantine Scurtis, president of LYND Acquisition Group. “With the upgrades we have already made coupled with our acquisition basis, we are excited about this opportunity.”

Marc Suarez from the Miami office of Lument provided a $68 million dollar loan for the acquisition. 

With the addition of Paramount at Kingwood and the Villas at Valley Ranch, LYND now owns three apartment communities in metro Houston. In 2020, it acquired the 282-unit Royal Oaks at Westchase which was later re-branded to Apex at Royal Oaks.  LYND third-party manages five additional properties in the market.  

Over the last six months, LYND has been on a buying spree, acquiring four multifamily assets for $175.5 million which include the two Houston properties and two in South Florida.  LYND has another $200 million in its pipeline for 2021.

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 Anthony Tiritilli hired as president of Lynd Opportunity Partners and Hasen Design Build & Development, Inc. to manage LYND’s construction division

SAN ANTONIO, TX- LYND, a Texas-based multifamily real estate company has taken two big steps to expand it development and construction capabilities nationwide.  Anthony Tiritilli has been named president of Lynd Opportunity Partners (LOP), LYND’s development division, and Hasen Design Build & Development, Inc., owned and operated by David Hasenzahl, will manage and oversee LYND Construction.   

Hasen’s partnership with LYND will allow Hasen to manage LYND’s value-add renovation program and serve as owner’s rep for new ground-up construction.  Currently, LYND is doing $60 million worth of renovations at 12 properties and developing four new communities valued at over $200 million in Texas, South Florida and Chicago. The new partnership provides LYND the ability to increase and expand its construction opportunities nationwide.

“Having gone to college at SMU in Dallas with David, I have known him for over half of my life,” said A. David Lynd, LYND CEO. “When the opportunity arose to add him to our team, it checked a lot of boxes that will aid in our desire to expand nationally. We now have a GC-level owner’s rep with the power of a GC firm supporting our projects to ensure they get built with the highest quality and care possible. We couldn’t be any more pleased.”

Hasenzahl founded Ft. Worth-based Hasen, Inc. more than 15 years ago and it now has a global reach.  The company assists real estate owners in designing, building and executing on their commercial projects. Hasenzahl has managed projects of all sizes and complexity- from interior renovations, historic preservation and restoration projects to developing and completing complex multi-story projects. He has experience doing design-build work for municipalities, military facilities and universities.

“I want to congratulate LYND on what they have been able to accomplish so far on the development and construction side of their business,” said Hasenzahl. “I am extremely pleased to be part of the team and look forward to helping them expand their geographic footprint.” 

 As president of Lynd Opportunity Partners, Anthony Tiritilli will lead the company’s property development efforts.  He has more than three decades experience developing real estate nationwide, with a specialty in multifamily rentals. He has delivered over six-million square feet of residential and commercial real estate valued at over two billion dollars. Tiritilli involves himself in every aspect of the process including design and construction, and engaging with general contractors, architects, engineers, government officials and residents.

“Within the first 30 minutes of meeting David Lynd, he concisely laid out where his firm has been, where it is today and where it’s headed,” said Tiritilli, who previously owned his own firm Devland Company based in Chicago. “It is an honor to now be part of an energetic group of people who truly embody commitment and passion towards a common goal.”

 LYND made $350 million in value-add acquisitions over the last year and a half and has $180 million in value set to close over the next 60 days. In March 2021, the company acquired a 280-unit garden-style apartment community in suburban Ft. Lauderdale for $51 million. In early 2020, it acquired a three-property value-add portfolio in Texas for more than $150 million and towards the end of 2020, about a 288-unit apartment asset in Colorado Springs, Colorado for $46.75 million.

On the development side, LYND has $500 million in the pipeline with $463 million of that planned for South Florida. It is currently building two apartment communities in Texas:  the 327-unit Culebra Commons in San Antonio in partnership with the housing authority, and a 250-unit project in Huntsville called the Ranches at Huntsville. Two more projects with a total of 621 units are scheduled to break ground later this year in San Antonio. Last year, LYND completed a 272-unit project in College Station.

Parc Place is second South Florida investment for Texas-based company in 2021

LYND continues its robust investment activity in South Florida with the acquisition of a 234-unit garden-style apartment community in Miami.  The Texas-based multifamily investor, developer and operator paid $40.08 million for the Parc Place Apartments in an off-market transaction that closed June 8.

“Parc Place is the exact kind of value-add investment opportunity we specialize in,” said Constantine Scurtis, president of Lynd Acquisition Group, LYND’s investment division. “Taking a well-located property in an economically strong metropolitan area and utilizing our best-in-class management platform to make upgrades, and boost performance on behalf of our investors.”

Built in 1972, Parc Place features one, two and three-bedrooms units with an average unit size of 737 square feet.  While the property has undergone some renovation over the years, LYND plans a significant rehab of both living spaces and common areas.  LYND has earmarked a minimum of $2.25 million to upgrade the interiors, gym equipment, the pool area, add outdoor grilling stations, and introduce other new amenities.

LYND has managed more than 11,800 units in Florida over its history, owning more than 6,500 of them. The company has spent over $180 million in hard-construction costs over the years in renovation work.

“We are very bullish on Florida, especially South Florida,” said A. David Lynd, LYND’s CEO. “When you look at what’s happening in the region, several companies are moving here creating jobs.  Good jobs mean good renters.”

“Sellers know we have strong investment partners, the ability to close quickly and that we can execute on everything we say we can do,” said Scurtis  who has closed more than $1 billion of investment in multifamily and commercial properties while at LYND.

“It’s very advantageous when your partner is from South Florida and grew up there,” said Lynd. “This allows Constantine to use all of his resources and contacts to source opportunities for us.  We expect to continue to increase our holdings in the market in a big way.” 

This is the second LYND acquisition in South Florida in 2021.  On March 17, 20201, it bought a 280-unit garden-style apartment community in Margate for just over $50 million.  LYND is investing $4 million on renovations.  

With the Parc Place closing, LYND has now made over $400 million in value-add acquisitions over the past year-and-a-half in Florida and Texas and has more than $400 million in the pipeline for the rest of 2021.   

Several major upgrades to living spaces and common areas planned

Lynd Acquisitions Group (LAG) has added a 288-unit garden-style apartment community to its growing portfolio.  The San Antonio-Texas-based investment group recently acquired the Village at Lionstone Apartments in Colorado Springs, Colorado, one of the strongest apartment markets in the U.S., for $46.75 million.

“This is a solid-performing asset in an area with strong fundamentals and not much new apartment construction,” said A. David Lynd, LYND CEO. “It’s a perfect fit for our portfolio and for our LYND Living model which is providing an exceptional experience for residents.”

Steve Vainer of Greystone facilitated the transaction after another deal fell through.

“When the original buyer looked as if they may not be able to close, I was presented with this unique opportunity,” Vainer said. “LYND was my top choice given our existing relationship and confidence in their ability to execute a quick close.” 

LAG is the acquisition affiliate of LYND, a national real estate firm that specializes in the multifamily operations. The company manages more than 20,000 units in 11 different states in the U.S.

Built in 1984, The Village at Lionstone features 1-and 2-bedroom units with 1-2 bathrooms.  The apartments boast wood floors, stainless steel appliances, wood cabinetry, dining areas and separate walk-in closets. Community amenities abound including a heated pool, with hot tub, picnic areas with BBQ grills and a playground, clubhouse, theater room and business center.

While the property has been updated to some level over the past 36 years, LYND plans on rolling out its LYND Living concept with signature upgrades.  They include: an outside fire pit and sports viewing areas, enhanced laundry-care facility, enhanced outdoor BBQ areas and dog park, and a jogging trail.  Unit improvements include upgraded island kitchen feature, quartz countertops and plank flooring.

 “In a post-COVID world, the value-add features we create on a site must be mindful about creating amenities that will be useful should we ever face another pandemic,” said Lewis Borsellino, LYND’s vice president of acquisitions. “Our newest offering does just this and more.”  The Village at Lionstone is located at 255 Lionstone Dr., Colorado Springs, CO 80916.

LYND has history in Colorado.  It has managed up to 800 units in the past, mostly in the Denver metropolitan area. With this closing, LAG has made $300 million in value-add acquisitions in the last 12 months and has another $230 million in the pipeline already for 2021.