TALLAHASEE-In its latest in a string of acquisitions, Lynd has purchased an $80 million portfolio of distressed student housing in Tallahassee. The deal includes seven distressed notes and two bank-owned properties.

Lynd purchased the portfolio from LNR Property, LLC, a diversified real estate investment, financing and management company in South Florida. Lynd was one of several real estate investors bidding on the property. The purchase price was not disclosed. The properties were listed and marketed by Holliday Fenoglio Fowler’s New York office. Joe Morningstar was the listing broker.

“We like the student housing sector and we’ve been very active in the space buying distressed notes,” David Lynd, COO of Lynd, tells GlobeSt.com. “If you look at the demographics behind student housing, it’s somewhat recession proof. People will go into debt to pay their rent through student loans.”