San Antonio-based real estate firm is retained to operate four properties in the Houston, Texas and Jacksonville, Florida Metropolitan Areas

San Antonio, TEXAS – September 16, 2020 – LYND, a leading national apartment management company, has added 1,188 units to its growing portfolio amid the global coronavirus pandemic.  The San Antonio, Texas-based company was retained by two separate ownership groups to operate three communities in the Houston, Texas metropolitan area and one in Jacksonville, Florida, two regions where LYND already has a long-standing presence.

Economic fallout from COVID-19 has created challenging times for apartment owners as many people have lost their jobs and have struggled to meet rent obligations. LYND was retained for the new assignments specifically because of its track record operating in tough market conditions.  

“In these uncertain times, I wanted to make sure our investments had the most seasoned operator possible,” said Sy Li, owner of the Houston assets. “With Lynd we feel we will get focus and attention backed by 40 years of how to survive a cycle. The decisions that an operator makes determines so much of your future value, that picking the right one means everything.”

“Smooth waters never produced an experienced captain,” said A. David Lynd, LYND CEO.  “As a company, we have been in this game for more than 40 years and have successfully managed through challenging real estate cycles in 1986, 2000, 2008 and now 2020.  You gain a lot of knowledge and understanding by going through it.”

The three Houston-area assets total 972 units. Paramount at Kingwood, in Kingwood, Texas, has 372 1, 2, and 3-bedroom units with a clubhouse, swimming pool and fitness center.  Villas at Valley Ranch, with 312 1-and-2-bedroom units, is in Porter and offers a pool, outdoor fireplace, dog walk and walking trails. Both are located just northeast of the city.  Ventana at Midtown is an eight-story building with 288 1,2-and 3-bedroom units located in Houston’s Midtown neighborhood. It features a cybercafé, Mediterranean style pool area and lush courtyard for entertaining. All three properties were developed between 2001 and 2008.

Planter’s Walk Apartments, located in Jacksonville, was built in 1974 and has 216 units. It features 1-4 bedrooms with unit sizes ranging from 534 square feet to 1, 410 square feet.  It’s owned by Topaz Capital.     

“These communities are all located in healthy, growing areas with great demographic fundamentals, but the rents and occupancy rates are below where they should be,” said Lynd.  “Even in an uncertain market like we are in now, there we see an opportunity to take care of some little things that will get us where we need to be an add value for our clients.”

Throughout the pandemic, LYND has worked closely with its tenants to understand their specific needs and to create a sense of community. The company brought in food trucks with discounted meals for residents, sponsored a door-decorating contest with winners earning free rent, offered residents online options for entertainment, and provided opportunities to apply for zero-interest rent advances.   

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About LYND: 

Headquartered in San Antonio, TX, LYND is a privately held, national real estate company that specializes in third-party management of multifamily real estate assets, responsible for some 20,000 apartment units in 11 states, LYND ranks as one of the premiere multifamily management companies in the country.  For more information, visit www.lynd.com.

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Media Contact For LYND

Todd Templin, BoardroomPR

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Phone:  954-370-8999 or 954-290-0810

Lynd Acquisitions Group (“LAG”), a San Antonio-based real estate investment firm, has acquired a portfolio of three garden-style apartment communities in Texas and paid in excess of $150 million.  One property is in Houston and two are in the Austin metro area with a total of 1,059 units. LAG, which is an affiliated acquisition company of LYND, a national multifamily management firm, has plans to sink $20 million into renovations.     

“This is the kind of value-add opportunity you dream about as an apartment investor,” said A. David Lynd, CEO of LYND.  “We have been working with this seller for two years in order to secure this portfolio and are very excited to finally be closing this transaction and getting on with the renovations.” 

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. “They executed exactly like they said they would. We are happy with the transaction and the manner in which it transpired.” 

While there was one portfolio involved, there were two separate closings: one for the Houston apartment and another for the Austin properties which are located in the suburb of Round Rock.   

The two communities in Round Rock were built in 2001. The Enclave Frontera, located at 2800 La Frontera Road, has 411 units of 1-, 2-, and 3-bedrooms. The 366-unit Lakeside at La Frontera is located at 941 Hesters Crossing. It has 1-, 2- and 3-bedroom options. Both feature structured parking which is unique for garden style product. The two properties were capitalized with an equity investment from a major New York-based institution and a $105-million loan from TPG Real Estate Finance. 

“The Austin multifamily market has been on fire for some time now,” said Constantine Scurtis, Co-CEO of LAG who sourced the portfolio. “Dell’s headquarters is nearby, and Apple has started construction on a 133-acre campus that will generate approximately 15,000 new jobs.  Apartments in this area are highly sought after by investors, so securing these two deals says a lot about our ability to find tremendous value-add opportunities.” 

The third asset in the portfolio is located at 11212 Westpark Drive in Houston.  The Royal Oaks at Westchase has 282 units with 1-, 2- and- 3 bedrooms. Miami-based Florida Value Partners (“FVP”) partnered with LAG on this deal. Prudential PGIM provided a $29-million loan.  

LAG will invest $15 million on renovations and upgrades at the Round Rock properties and $5 million on the Houston community. The plan is to modernize all amenities and clubhouses, and improve parking areas. LAG will spend approximately $12,000 per unit bringing the interiors in line with new construction by adding hard-surface quartz countertops and ceramic tile backsplashes in the kitchens, as well as quartz countertops in the bathrooms. Plans also call for new flooring throughout each unit, new cabinetry, stainless steel appliances, LED lighting, Nest thermostats, and USB charging stations. 

“We have been very active in the value-add space lately,” said Lynd. “We think that this is still the best place to be in apartment strategies given where we are in the cycle.” 

With this closing, LAG has made $240 million in value-add acquisitions in the last six months and is working to close several others.  

Since 2017, LYND has acquired in excess of 5,400 multifamily units primarily throughout Texas, Florida and Illinois valued at over $375 million, and performed more than $25 million worth of value-add rehabilitation work.

Texas-based investor to execute value-add strategy to put new shine on ‘crown jewel’

VIRGINIA BEACH, Va./ SAN ANTONIO, Texas--  Lynd Acquisitions Group (LAG), a Texas-based real estate investment vehicle, has acquired an iconic apartment community in Virginia Beach, Virginia for $43 million with plans to spend millions more on value-add improvements. The 16-story, 266-unit Mayflower Apartments at 34^th Street and Atlantic Avenue is a highly coveted address as it is the only high-rise rental building within a block of the Atlantic Ocean.       

 “This is a crown jewel in Virginia Beach; there is nothing else like it,” said A. David Lynd, CEO of LAG and LYND, a privately held apartment management company based in San Antonio. 

“With the Mayflower, we see a tremendous opportunity to execute our current strategy of identifying unique properties that are undervalued and craft tailored plans to unlock the value in both rents and occupancies.” 

Lynd and his co-investors plan on spending $4.6 million-plus on capital improvements to both common areas and individual units. They will invest more than $13,000 per unit to renovate interiors from top to bottom with stainless steel appliances, quartz countertops, hardwood floors and upgraded fixtures.  LYND Management has been retained to oversee the renovations and manage the building. 

 The property has 3,140 square feet of ground-floor commercial space, a separate parcel with 11,915 square feet of free-standing retail and on-site and off-site parking.

 Upgrades to the common areas include the addition of Amazon package lockers, surfboard lockers and an enhanced fitness center.  Built in 1950, the last renovations to the building were completed in 2010. The Mayflower has studio, one and two-bedroom units, and a penthouse floor with commanding views of the coastline.

 “Since the Mayflower is the only rental property of its kind right near the beach, we believe renters will want a well-located and nicer place to call home,” Lynd said.

 LYND has renovated more than 1,600 apartment units in the last two-and-a-half years with a combined budget of $23 million.

“This is a very strategic asset for LYND as the company has the experience and expertise to bring this asset up to contemporary standards,” said Henry Stimler, managing director of Newmark Knight Frank in New York.  “Its platform to execute on value-add real estate is second to none in the market today.”  

Stimler arranged a $33 million acquisition loan for LAG from Hunt Real Estate Capital which was represented by Marc Suarez in Hunt’s Miami office.  Mike Marshall of Newmark represented the seller, Harbor Group International, a Norfolk, Virginia-based real estate investment and management firm with assets valued at $9.7 billion.

 Since 2017, LYND has acquired 4,665 multifamily units throughout Texas, Florida and Illinois valued at nearly $300 million and performed more than $23 million worth of value-add rehabilitation work. Recent investments include a 444-unit garden-style apartment community in Jacksonville, 1,031 apartments in the Florida Panhandle and a 384-bed student housing community in Beaumont, Texas. 

Project to get $5 million in capital infusion for full-scale facelift

Lynd Opportunity Partners (LOP), a Texas-based real estate investment firm, has acquired a 444-unit multifamily community in Jacksonville for $35.15 million in an off-market transaction. Built in the 1970s, the joint venture with Topaz Capital, a New York City-based private equity firm, plans to spend more than $5 million in value-add rehab to upgrade the property currently known as Mission Springs.

“The local economy is exceptionally strong right now and there are a lot of well-paying jobs in the vicinity of our acquisition,” said A. David Lynd, a CEO of LYND, a national multifamily management company based in San Antonio.  “We see a lot of opportunity to push rents closer to market rate once we complete our renovations.  This type of execution plays into our firm’s core competency having renovated 1645 units in the last 24 months with a combined scope of 23 million.”

“LYND and Topaz intend to reposition the asset to ‘Topaz Villas JAX,’ a best in class garden-style apartment community to serve the areas large concentration of medical, naval complex, retail, technology and marine science professionals,” said Marc Hershberg, CEO of Topaz. 

Renovations include updates to the apartment home interiors, all common areas, including pools, playgrounds and recreational areas.  There are also plans to add a fenced in eco-friendly dog park and playground area.

The property is located at 5327 Timuquana Road, Jacksonville, Florida 32210. 

According to RentCafe, Jacksonville ranked fourth last year among the biggest U.S. cities for having the fastest rent growth. And one out of every three households pays rent according to a 2018 report by the National Low Income Housing Coalition.

“We are excited to unlock the potential of this asset.  Rent growth and median income increases are exceptionally strong in Jacksonville compared to the national average,” said Lewis Borsellino Jr., LYND’s director of acquisitions.

“Topaz is excited to be further establishing our relationship with Lynd Companies,” Marc Hershberg, CEO of Topaz Capital said.

Since 2017, LYND has acquired 4,665 multifamily units throughout Texas, Florida and Illinois valued at nearly $300 million and performed more than $23 million worth of value-add rehab work. Some key investments include 1,031 apartments in the Florida Panhandle and a 384-bed student housing community in Beaumont, Texas. 

LYND has owned and managed apartments in Jacksonville and throughout the State of Florida for the past 15 years.  

Headquartered in San Antonio, TX, Lynd is a privately-held, national real estate company that specializes in third-party management of multifamily real estate assets.  Managing approximately 23,000 apartment units in 11 states, Lynd ranks as one of the premiere multifamily management companies in the country.  For more information, visit www.lynd.com.

SAN ANTONIO/CHICAGO –National multifamily real estate company LYND led the acquisition of two Illinois apartment communities that will provide quality and safe housing for American military veterans.  The transaction further expands the Texas-based firm’s footprint in and around the Chicago metropolitan area.    

LYND advises on and manages real estate acquisitions on behalf of the Invest in America’s Veterans Foundation. The Florida-based nonprofit assists impoverished service men and women find affordable housing and employment, among other social service programs it provides. 

Most recently, LYND helped the IAVF acquire two rental apartment communities near Chicago:  The 234-unit Timber Oaks in Ingleside, Illinois and the 335-unit Prairie View community in Woodstock.  LYND will manage all 569 of the affordably priced units. 

IAVF purchases its properties with 501 (C) (3) tax-free revenue bonds that are paid down with rental income. The Foundation works with veterans to secure federal government vouchers used to defray some housing costs.  To date, the LYND-IVAF partnership has located housing for more than 300 veterans who would otherwise be on the street. 

“Illinois is one of a half dozen states in the U.S. where veteran homelessness is a significant issue,” said LYND CEO David Lynd, whose father and company founder was an Army officer in the Vietnam War.  “I am pleased that we are able to help these American heroes get back on their feet by providing them with a reliable roof over their head.” 

“I want to thank LYND for their dedication to improving the lives of men and women who sacrificed themselves for our country who now need a helping hand getting re-established into society,” said IAVF Board Member Christopher Walker who is also an attorney with Lippes Mathias in Jacksonville, FL. “We have a goal of just under 2,000 additional units over the coming years.” Walker said approximately 20 to 25 percent of the units in any given property are set aside for veterans.   

With the addition of the two new properties, LYND now manages nearly 1,500 apartment units in the Chicago metropolitan area with plans to grow.  

The company has a long history with the region. In 2009, a Lynd affiliate developed EnV, a game-changing 29-story luxury apartment building in Chicago’s River North neighborhood that commanded the highest rents in the city at the time. A subsidiary of MetLife purchased EnV four years later.    

Five years ago, another Lynd affiliate along with a partner acquired the iconic John Hancock office tower in downtown. Earlier this year, an investment fund led by David Lynd partnered with Chicago-based Windy City RE to acquire 1,031 apartment units in Florida’s panhandle and a 384-bed student housing community in Beaumont, Texas. 

“We have every intention of growing our management and investment portfolio,” said Lewis Borsellino, Jr, Director of Acquisition. “We are actively looking to replicate the success of the EnV development in Chicago as well as other areas of the country.  We also continue to look for value add, opportunistic real estate transactions.  It is just a matter of time before we open a regional office in Chicago.” 

Veterans who are interested in leasing an apartment should visit www.veterans-foundation.net to get more information. 

Lynd, a San Antonio-based full-service multifamily property management and development company, has announced plans to develop a College Station apartment community, Ranch at Arrington, with partner T.R. Inscore. The 272-unit market-rate project is in close proximity to Texas A&M University and located within one of the fastest-growing metros in the nation. Construction is expected to commence later this month.

In addition to its property management business, Lynd has had a rich history of investing in and developing apartment communities throughout Texas, Illinois and Florida.  While the company has several new development projects in the pipeline, Ranch at Arrington marks the first to move forward since A. David Lynd took over as president and CEO earlier this year.  

“We are thrilled to once again team up with T.R. Inscore on a project that should accommodate the pent-up demand for non-student-oriented housing in College Station,” Lynd said. “This is no longer just a college town – the city is thriving with a diversified economy and extremely low unemployment.”

Located on 12 acres at 1650 Arrington Road, the Ranch at Arrington will have a mix of one-, two- and three-bedroom apartments in two- and three-story buildings. Units range in size from 539 to 1,402 square feet. Interior features include glass backsplashes, granite countertops, in-unit washers and dryers, soaking tubs, walk-in closets and custom cabinetry.

Ranch at Arrington residents will be able to take advantage of various resort-style amenities, including a swimming pool and heated spa, sand volleyball court, culinary kitchen, meeting rooms and a state-of-the-art fitness center with a dedicated yoga area.

“It is exciting to embark on another partnership with Lynd and develop a first-class community in the strong College Station submarket,” said T.R. Inscore President Ron Inscore. “With a diverse unit mix and an unparalleled offering of amenities, the Ranch at Arrington should appeal to a diverse group of renters.”

Lynd and T.R. Inscore have obtained an equity investment from a New York-based firm and secured FHA 221(d)(4) construction financing for the Ranch at Arrington.

Jarrad Thierath, vice president of development at Lynd, said this project is an example of how the company is starting to diversify its development strategy.    

“College Station is one of several tertiary markets we plan on entering over the next few years because it doesn’t always make sense to chase yield in the larger, more competitive markets,” Thierath said.

Photo caption:  Photo of a similar Ranch development, located in San Antonio, TX. 

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About The Lynd Company:
Headquartered in San Antonio, Texas, Lynd is a privately-held, national real estate company that specializes in third-party management, development, and acquisitions of multifamily real estate assets.  Managing approximately 23,000 apartment units in 11 states, Lynd ranks as one of the premiere multifamily management companies in the country.  For more information, visit www.lynd.com.