Lynd Sells Colorado Springs Apartment for $68M
The company bought the apartment complex in 2020 for $47 million.
Lynd Acquisitions Group has sold a 288-unit, garden-style apartment community in Colorado Springs, Colorado for $67.5 million. Lynd bought the Village at Lionstone in December 2020, at the height of the pandemic, for $46.75 million, and sunk another $4 million in renovations and upgrades.
Built in 1984 at 255 Lionstone Drive near downtown Colorado Springs, the Village at Lionstone offers 1-and 2-bedroom units averaging 670 square feet and 970 square feet respectively. Lynd renovated 200 units with its signature chief’s kitchen installation, stainless steel appliance upgrades, white quartz countertops, cabinet modifications, vinyl flooring replacements, backsplash tile installation, and new light and plumbing fixtures. Rents increased as much as $599 per month on the premium units.
Lynd also added and refreshed many of the amenities and common areas. The clubhouse was revamped with a redesigned fireplace, a redesigned Amazon package room, and camera system. The pool area was upgraded with a pergola and lounge area, outdoor BBQs, a turf installation and a new fire pit. A mountain-bike rack and new dog park were also installed.
The Lynd Group’s Denver office is led by Director of Acquisitions, Stephen Hinterkopf.