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| A. David Lynd |
San Antonio, TX— Lynd Residential Properties (LRP), LYND's
multifamily investment platform, has purchased the Limestone apartment
complex in the Briar Forest-Ashwood sub-market of Houston. The purchase
price for the off-market transaction was not disclosed.
Limestone is located at 14723 West Oaks Plaza Street in
Houston, Texas
LYND is a national
real estate investment, development and management company specializing in the
multifamily sector.
“We saw a multifamily property that fit well with our
value-add strategy,” said A. David Lynd, LYND’s President and COO. “We
will raise the property to Class A standards and expect to generate higher
returns as we execute our business plan.”
LRP purchased 438
units that sit on 26 acres facing West Oaks Plaza Drive near Richmond
Avenue. The location benefits from its
excellent access to the Energy Corridor and retail venues on Westheimer Road, and
fits well with LRP’s strategy of purchasing well-located properties in close
proximiy to employment hubs in markets with strong overall job growth.
LRP financed the
transaction utilizing Fannie Mae, non-recourse financing and also prepaid a
CMBS loan that was due to mature in late 2013.
For a complete
copy of the company’s news release, please contact:
Todd Templin
Boardroom Communications
954-370-8999 or 954-290-0810
Lynd Contact:
A. David Lynd, President/COO
210-364-3964
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