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.
