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| Mayflower Apartments, 34th Street and Atlantic Avenue Virginia Beach, VA |
VIRGINIA BEACH, VA and SAN ANTONIO, TX ---- Lynd
Acquisitions Group (LAG), a Texas-based real estate investment vehicle, has
acquired an iconic apartment community in Virginia Beach, Virginia for $43
million with plans to spend millions more on value-add improvements.
The
16-story, 266-unit Mayflower Apartments at 34th Street
and Atlantic Avenue is a highly coveted address as it is the only high-rise
rental building within a block of the Atlantic
Ocean.
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| A. David Lynd |
“This is a crown jewel in Virginia Beach; there is nothing
else like it,” said A. David Lynd, CEO of LAG and LYND, a privately held
apartment management company based in San Antonio.
“With the Mayflower, we see a tremendous opportunity to
execute our current strategy of identifying unique properties that are
undervalued and craft tailored plans to unlock the value in both rents and
occupancies.”
Lynd and his co-investors plan on spending $3 million-plus
on capital improvements to both common areas and individual units.
They will invest more than $13,000 per unit to renovate interiors from top to bottom with stainless steel appliances, quartz countertops, hardwood floors and upgraded fixtures.
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| Henry Stimler |
They will invest more than $13,000 per unit to renovate interiors from top to bottom with stainless steel appliances, quartz countertops, hardwood floors and upgraded fixtures.
LYND
Management has been retained to oversee the renovations and manage the
building.
The property has 3,140 square feet of ground-floor
commercial space, a separate parcel with 11,915 square feet of free-standing
retail and on-site and off-site parking.
Upgrades to the common areas include the addition of Amazon
package lockers, surfboard lockers and an enhanced fitness
center. Built in 1950, the last renovations to the building were
completed in 2010. The Mayflower has studio, one and two-bedroom units, and a
penthouse floor with commanding views of the coastline.
“Since the Mayflower is the only rental property of its kind
right near the beach, we believe renters will want a well-located and nicer
place to call home,” Lynd said.
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| Marc Suarez |
LYND has renovated more than 1,600 apartment units in the
last two-and-a-half years with a combined budget of $23 million.
“This is a very
strategic asset for LYND as the company has the experience and expertise to
bring this asset up to contemporary standards,” said Henry Stimler,
managing director of Newmark Knight Frank in New York. “Its platform
to execute on value-add real estate is second to none in the market
today.”
Stimler arranged a $33 million acquisition loan for LAG from
Hunt Real Estate Capital which was represented by Marc Suarez in Hunt’s
Miami office.
Mike
Marshall of Newmark represented the seller, Harbor Group
International, a Norfolk, Virginia-based real estate investment and management
firm with assets valued at $9.7 billion.
Since 2017, LYND has acquired 4,665 multifamily units
throughout Texas, Florida and Illinois valued at nearly $300 million and
performed more than $23 million worth of value-add rehabilitation work.
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| Mike Marshall |
Recent
investments include a 444-unit garden-style apartment community in
Jacksonville, 1,031 apartments in the Florida Panhandle and a 384-bed student
housing community in Beaumont, Texas.
About LYND:
Headquartered
in San Antonio, Texas, Lynd is
a privately-held, national real estate company that specializes in third-party
management of multifamily real estate assets.
Managing approximately
23,000 apartment units in 11 states, Lynd ranks
as one of the premiere multifamily management companies in the country.
For more information, please visit www.lynd.com.
CONTACT:
Todd Templin
Executive Vice President
BoardroomPR
O 954-370-8999
C 954-290-0810
Bank of America Plaza | 1776 N Pine Island Rd
Suite 320 | Fort Lauderdale, FL 33322
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