LYND has acquired 11 Texas multifamily properties. No financial terms were disclosed for the transaction that was done in partnership with an unnamed private equity firm. Most of the assets are based in Dallas with the remainder in Houston, Midland, Odessa and El Paso.
SAN ANTONIO–(BUSINESS WIRE)–LYND is pleased to announce our newest acquisition: a portfolio of eleven Texas multifamily properties. 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. This portfolio consists of eleven properties with 2,405 units with an average vintage of 2005.
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 active property management, marketing and construction services to improve the quality of these buildings ultimately increasing portfolio net operating income and asset values. These acquisitions will greatly enhance LYND’s already strong presence throughout Texas. The eleven-property portfolio has the largest concentration of assets in Dallas, with other assets in Houston, Midland, Odessa and El Paso. We are excited to offer our knowledge, skillset and management services to position these assets as leaders in their submarkets.
Madison Marceau, an Executive Vice President of Acquisitions at LYND, said, “We are excited to acquire this great collection of eleven assets all located in our home state of Texas. 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 vertically integrated real estate platform with investments, development, investment management and property management. With 35 years of multifamily experience, we currently serve approximately 30,000 units across eight states and have completed over $4 billion in multifamily transactions/investments. LYND seeks to generate higher risk-adjusted returns by targeting specific growth markets where we have a competitive advantage. Performance and results are what define us in the eyes of our partners and clients. We set ourselves apart with our ability to provide our residents with the best level of service and living experience possible. From the moment our residents walk through our front door, they feel the comfort and quality that makes a LYND property a great place to call home.