San Antonio Investment Group Buys 536-Unit, Class A Complex

IRVING, TX-Lynd Residential Properties of San Antonio, besting nearly two dozen would-be buyers, has grabbed another 536 class A units in the Dallas/Fort Worth metroplex. The 95%-leased Parkridge Place, assessed at $22.3 million, hit the market with a $29.8-million ticket.

“We purchase right and we purchase smart,” Jason Espejo, Lynd’s acquisitions director, says of the takedown of a 46-building development sitting on 23 acres at 7300 Parkridge Blvd. in Las Colinas. Eyed as a long-term hold, Parkridge Place is the company’s first acquisition in the tony submarket although it owns 1,000 units, across all classes, in the metroplex. The full portfolio, spanning five Texas cities, contains 3,400 apartments.

Espejo tells GlobeSt.com that the acquisition from the Chicago-based Equity Residential, which ended a seven-year hold on the 20-year-old complex, was done via a one-year-old fund focused on acquisitions in Texas with a minimum 125 units and no minimum on the pricing. “We have a very disciplined and voracious appetite,” he says.