Lynd Living acquires value-added apartment community in Austin, Texas for $ 46.6 million
Lynd Living, a Texas-based multi-family investor, developer and operator, has acquired his fourth property in Austin, Texas, in the past 20 months. On October 28, Lynd Living, in partnership with an institutional buyer, closed the 222 Legends Lakeline units, a Class A garden-style apartment community in North Austin for $ 46.6 million in a transaction. off-market.
âMetro Austin is one of the fastest growing rental markets in the country due to high immigration from heavily taxed and high density states,â said A. David Lynd, CEO of Lynd Living . âLegends Lakeline fits perfectly with our strategy of buying properties in well-located high growth areas that we can refresh and provide a more enjoyable living experience for our residents. “
Built in 2009, Legends Lakeline offers one, two and three bedroom floor plans with unit sizes ranging from 675 square feet to 1,717 square feet. The gated community has several amenities including a resort-style swimming pool, fully equipped fitness center, grill stations, clubhouse and resident game room, dog park, and fitness center. ‘business.
Lynd Living will invest nearly $ 4 million in value-added rehabilitation work and rename the property. All units will be updated, building exteriors will receive a new coat of paint and renovations and additions will be made in many of the common areas.
Legends Lakeline is located at 9725 N. Lake Creek Parkway, close to several popular restaurants, shops and recreation areas, and close to major employers and health care providers. The area offers better value for renters compared to other parts of the metro area.
âAs rents have gradually risen in North Austin, people looking to live in quality apartments know that the neighborhood still offers a much better deal than living in the downtown area,â said Constantine Scurtis, president of Lynd Living Acquisition Group. “That is why we are optimistic in this submarket.”
Since the pandemic began in 2020, Lynd Living has acquired nine multi-family assets in Texas and Florida worth $ 447 million. The company paid $ 247 million for four properties totaling 1,249 units in Austin, all involving off-market transactions. The most recent was the 250-unit Legends Lake Creek acquired in July.
âAs home prices continue to climb in Texas and the United States due to a supply issue, we believe this will only strengthen the multi-family rental market,â Lynd said. âWe don’t expect a slowdown anytime soon. “