June 13, 2017
San Antonio-based Lynd acquired a portfolio of 11 multifamily properties in Texas for an undisclosed amount. The largest concentration of assets are located in Dallas, with others in Houston, Midland, Odessa and El Paso, and encompasses 2,405 units with an average age of 2005.
“We are excited to acquire this great collection of 11 assets all located in our home state of Texas,” said Lynd’s Madison Marceau.
Lynd plans to address neglected aspects of properties, improve operations and increase rents to perform in-line with, or better than, market standards. The company will also support these assets with active property management, marketing and construction services to improve the quality of the buildings, towards increasing portfolio net operating income and asset values.
Lynd partnered with a global private equity firm to capitalize the transaction. The seller was not named.
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