BEAUMONT, TX—Winlynd LLC acquired the distressed bank note on a 384-bed student housing community, Village at Lamar, and subsequently took ownership of the property following a foreclosure auction. The purchase price was not disclosed.
Built in 2006, the community features five three-story buildings and a leasing center. Village at Lamar is a gated community with a pool, fitness center, volleyball court and business center. Each of the 96 units have four bedrooms and two baths. The housing complex is located at 5230 South Martin Luther King Pkwy., near Lamar University, a four-year college that is part of the Texas State University System.
“We acquired a rare term-defaulted note at a discount to the unpaid principal that has underlying collateral which we think has great upside potential,” said A. David Lynd, CEO of Lynd and Lynd Opportunity Partners. “Between 2010 and 2014, LYND investors purchased over $1 billion worth of unpaid principal balance notes, so this is something we have a lot of experience with.”
Winlynd LLC is a joint venture between Chicago-based Windy City RE and San Antonio-based Lynd Opportunity Partners that seeks opportunistic investments in multifamily properties. Winlynd LLC plans to invest hundreds of thousands of dollars into renovations on Village at Lamar, which are expected to be finished in time for the fall semester. The Lynd Company will lease and manage the property.
“We feel the student housing space at secondary schools is a great place to be focused at the current time,” Lynd tells GlobeSt.com. “With the skyrocketing cost of tuition at major universities, coupled with the fierce competition to get accepted, more and more students are looking to these institutions for education. In the new age economy, a degree is a must and people are finding ways to obtain one while living within their budgets. As these enrollments grow, the need for housing will become an issue and we feel we are strategically positioned to benefit from this trend.”
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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.
