Saturday, February 2, 2013

LYND Residential Properties Acquires Houston, TX Apartment Community



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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