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Lynd has acquired an 11-property portfolio of Texas multifamily assets, concentrated mostly in Dallas, Houston, Midland, Odessa and El Paso. Financial terms of the deal were not disclosed.
The investment firm will pursue a value-add play, improving “neglected aspects” of the properties and overall operations, then increasing rents to market or above market rate, depending on the unit. Lynd says its found the properties through its relationships in the industry and partnered with a global private equity firm for project capital.
“We are excited to acquire this great collection of 11 assets, all located in our home state of Texas,” said Madison Marceau, Lynd’s executive vice president of acquisitions. “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.”
Lynd is a multifamily investment and management company that began as a family-run business 35 years ago and now operates a portfolio comprising 35,000 units in 16 states.
Lynd last completed an acquisition of this size in 2012, in a court-appointed sale brokered by CBRE for a portfolio with a $200M loan balance. The 2012 acquisition comprised 11 properties located in the states of Texas, California, Colorado, South Carolina, Georga and Virginia.
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