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| 288-unit Village at Lionstone Apartments Colorado Springs, CO |
COLORADO SPRINGS, CO and SAN ANTONIO, TX -- Lynd Acquisitions Group (LAG) has added a 288-unit garden-style apartment community to its growing portfolio.
The San Antonio-Texas-based investment group
recently acquired the Village at Lionstone Apartments
in Colorado Springs, Colorado, one of the strongest apartment markets in the
U.S., for $46.75 million.
“This is a solid-performing asset in an area
with strong fundamentals and not much new apartment construction,” said A. David
Lynd, LYND CEO. “It’s a perfect fit for our portfolio and for our LYND
Living model which is providing an exceptional experience for residents.”
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| Adam David Lynd |
Steve Vainer of Greystone facilitated the transaction after another deal fell through.
“When the original buyer looked as if they may not be able to close, I was presented with this unique opportunity,” Vainer said.
“LYND was my top choice given our existing relationship and confidence in
their ability to execute a quick close.”
LAG is the acquisition affiliate of LYND, a
national real estate firm that specializes in the multifamily operations. The
company manages more than 20,000 units in 11 different states in the U.S.
Built in 1984, The Village at Lionstone features 1-and 2-bedroom units
with 1-2 bathrooms. The apartments boast wood floors, stainless steel
appliances, wood cabinetry, dining areas and separate walk-in closets.
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| Steve Vainer |
Community amenities abound including a heated
pool, with hot tub, picnic areas with BBQ grills and a playground, clubhouse,
theater room and business center.
While the property has been updated to some
level over the past 36 years, LYND plans on rolling out its LYND Living concept
with signature upgrades.
They include: an outside fire pit and
sports viewing areas, enhanced laundry-care facility, enhanced outdoor BBQ
areas and dog park, and a jogging trail. Unit improvements include
upgraded island kitchen feature, quartz countertops and plank flooring.
“In a post-COVID world, the value-add
features we create on a site must be mindful about creating amenities that will
be useful should we ever face another pandemic,” said Lewis Borsellino, LYND’s
vice president of acquisitions. “Our newest offering does just this and more.” The
Village at Lionstone is
located at 255 Lionstone Dr.,
Colorado Springs, CO 80916.
LYND has history in Colorado. It has
managed up to 800 units in the past, mostly in the Denver metropolitan area. With
this closing, LAG has made $300 million in value-add acquisitions in the last
12 months and has another $230 million in the pipeline already for 2021.
CONTACT:
Daniel
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BoardroomPR
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C 954-618-8287
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