DALLAS—A portfolio of 11 Texas multifamily properties was recently acquired by Lynd. This portfolio has a total of 2,405 units with an average vintage of 2005. The total purchase price was undisclosed.
Lynd sourced this portfolio through its broad base of relationships in the industry and partnered with a global private equity firm to capitalize the transaction. The business plan centers on improving the neglected aspects of the various properties, improving operations and increasing rents to perform in line with or better than market standards.
Lynd will also support these assets with property management, marketing and construction services to improve the quality of these buildings, ultimately increasing portfolio net operating income and asset values. The 11-property portfolio has the largest concentration of assets in Dallas, with other assets in Houston, Midland, Odessa and El Paso. Lynd plans to position these assets as leaders in each respective submarket.
“We are excited to acquire this great collection of 11 assets, all located in our home state of Texas,” said Madison Marceau, an executive vice president of acquisitions at Lynd. “We very much appreciate the efforts of our capital partner and the key role they played in the acquisition. The team at Lynd is looking forward to managing these assets with a focus on optimizing operations, enhancing the resident experience and successfully executing our business plan.”
With 35 years of multifamily experience, Lynd provides investment, development, investment management and property management services in approximately 30,000 units across eight states. The firm has completed more than $4 billion in multifamily transactions/investments.
“Finding true opportunity in this market is a challenge. I'm extremely proud of our team and the faith that our capital partner has shown us with this investment,” Mike Lynd Jr., president, chief executive officer of Lynd, tells GlobeSt.com.
DALLAS—A portfolio of 11 Texas multifamily properties was recently acquired by Lynd. This portfolio has a total of 2,405 units with an average vintage of 2005. The total purchase price was undisclosed.
Lynd sourced this portfolio through its broad base of relationships in the industry and partnered with a global private equity firm to capitalize the transaction. The business plan centers on improving the neglected aspects of the various properties, improving operations and increasing rents to perform in line with or better than market standards.
Lynd will also support these assets with property management, marketing and construction services to improve the quality of these buildings, ultimately increasing portfolio net operating income and asset values. The 11-property portfolio has the largest concentration of assets in Dallas, with other assets in Houston, Midland, Odessa and El Paso. Lynd plans to position these assets as leaders in each respective submarket.
“We are excited to acquire this great collection of 11 assets, all located in our home state of Texas,” said Madison Marceau, an executive vice president of acquisitions at Lynd. “We very much appreciate the efforts of our capital partner and the key role they played in the acquisition. The team at Lynd is looking forward to managing these assets with a focus on optimizing operations, enhancing the resident experience and successfully executing our business plan.”
With 35 years of multifamily experience, Lynd provides investment, development, investment management and property management services in approximately 30,000 units across eight states. The firm has completed more than $4 billion in multifamily transactions/investments.
“Finding true opportunity in this market is a challenge. I'm extremely proud of our team and the faith that our capital partner has shown us with this investment,” Mike Lynd Jr., president, chief executive officer of Lynd, tells GlobeSt.com.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
