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.
