SAN ANTONIO, TX- (October 25, 2022)- Lynd Acquisitions Group (LAG), a division of The Lynd Group, has acquired another apartment community in San Antonio, recently closing on the 344-unit Parc 410 in the Leon Valley submarket.  The acquisition price was not disclosed.  Lynd plans on investing $6 million in renovating units and common areas, and performing deferred maintenance.

The garden-style property is located at 5827 NW Loop 410 near the San Antonio River Walk and within a few miles of major employment centers and retail centers.

“With Parc 410, we see a well-located asset ripe for a refresh providing more value to our residents and our investment partners,” said A. David Lynd, Lynd Group CEO.  “While there’s room to push rents higher, renters will still be able to get good bang for their buck compared to other parts of the metro area.”

Built in 1985, the property has one- and two-bedroom units averaging 716 square feet.  Lynd plans on upgrading each of them with new kitchen appliances, cabinet doors, and backsplash tile, as well as new hardwood flooring and lighting fixtures.  Lynd will also upgrade many of the amenities which include two pools, a clubhouse and fitness center, BBQ and picnic areas, gated dog park and a basketball court.   Plans call for installing package lockers and a children’s playground.

Lynd will add the property to its Lynd Living management platform which plans a rebrand once renovations are made.

“From an investment standpoint, we remain bullish on San Antonio,” said Constantine Scurtis, Lynd Group’s chief investment officer.  “Strong in-migration and a lack of housing affordability bode well for multifamily rentals now and into the near future.”

“These are challenging times for capital markets, which in turn has forced many owner-operators to the sidelines,” Lynd said. “But we have had a 40-plus year history of closing deals and managing  in uncertain times and are continuing to push forward now by looking at the world through a new lens.” 

Parc 410 is Lynd’s second apartment investment in San Antonio in the past eight months. In March, it acquired the 244-unit Esperanza Apartments in the Far West Side submarket. 

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ABOUT THE LYND GROUP:   

The Lynd Group is a fully vertically integrated real estate organization based in San Antonio, TX with a long-standing history in the acquisition, development, and management of residential and commercial real estate. Operating approximately 20,000 apartment units in 13 states, Lynd ranks as one of the premiere multifamily management companies in the country.  For more information, visit www.lynd.com.

ABOUT LYND ACQUISITIONS GROUP:

Lynd Acquisitions Group (LAG) is a wholly owned subsidiary of The Lynd Group focused on acquiring properties nationwide where LAG’s process for value creation can be fully utilized creating exceptional value for all the stakeholders.

New rental community to offer affordable leases with host of amenities and high-end finishes

San Antonio, Texas--The Lynd Group has started construction on a 360-unit mixed-income apartment development in San Antonio’s emerging Far West Side. The company has partnered with Santikos Enterprises and the San Antonio Housing Authority (SAHA) to develop Potranco Commons located at Potranco Road and Loop 1604. 

On Wednesday, May 25, about 40 guests attended a morning groundbreaking ceremony and got a chance to hear the partners’ vision for the property.    

“Lynd is honored to partner with two very esteemed organizations such as Santikos and the San Antonio Housing Authority on this amazing project,” said A. David Lynd, The Lynd Group CEO.   “Potranco Commons will bring the highest-end construction quality, amenities and unit finishes to the market while keeping rents affordable. This program with SAHA is ensuring that San Antonian’s of all income levels have the opportunity to enjoy this quality of housing.”

Rents will range from $810 to $1,547 per month with approximately 40% of the units available for people who earn 80% or less of the Area Median Income (AMI). Potranco Commons features one-to-three-bedroom units that range in size from 533 to 1,345 square feet.

Residents will have access to several amenities which are typically not found in a mixed-income development.  They include a clubhouse, pool and cabanas, fitness center, professional barbecue grill stations, and a DJ booth. There will also be plenty of open green for residents to enjoy.

Potranco Commons has been in the making for the past two years.  Santikos Enterprises owns the site and Lynd will be responsible for building, leasing and managing the property once it opens sometime in the second quarter of 2024.  

“We selected Lynd for this project because of their best-in-class reputation as a developer and this project will be great for the San Antonio community in many ways,” said Tim Handren, CEO of Santikos.  “John Santikos left his estate to the San Antonio Area Foundation so that his business would continue to operate, and the profits could be distributed back to the community through the Foundation. With an eye toward affordable housing, we are proud to partner with Lynd and SAHA to make this project a reality.”