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.