San Antonio, TX— (Aug, 27, 2012) — LYND, a national real estate investment, development and management company specializing in the multifamily sector, is continuing with its strategy of investing in distressed real estate.
Most recently, the firm partnered with Florida Value Partners (FVP), based in Miami Lakes, Florida, to acquire a portfolio of 11 multifamily properties in a court-appointed receivership sale brokered by CBRE. The original loan balance was $200M. The purchase price was not disclosed.
“This pretty much followed the model of similar transactions we’ve made over the last couple of years,” said A. David Lynd (top right photo), LYND’s president and COO.
“Sellers recognize us as a serious buyer because we know the multifamily business very well, we’re well-capitalized and are real closers. We continue to seek opportunities that align with our investment strategy of acquiring value-add properties where we can effectively use our operating platform to create returns.”
The multifamily properties, a total of 3,241 units, are located in seven states: Florida, Georgia, South Carolina, Texas, Virginia, California and Colorado. They were built between 1972 and 2000. The strategy for the newly-purchased portfolio is to perform a substantial rehab to the properties and hold them for several years.
For a complete copy of the company’s news release, please contact:
Media Contact:
Todd Templin
Boardroom Communications
954-370-8999 or 954-290-0810
Lynd Contact:
A. David Lynd, President/COO
210-364-3964
Florida Value Partners Contact:
Gus Alfonso, Managing Partner
305-823-2469
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