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| 234-Unit Parc Place Apartments, Miami, FL |
MIAMI, FL and SAN ANTONIO, TX --- LYND continues its robust investment activity in South Florida with the acquisition of a 234-unit garden-style apartment community in Miami.
The
Texas-based multifamily investor, developer and operator paid $40.08 million
for the Parc Place Apartments in an off-market transaction that closed
June 8.
“Parc Place is the exact kind of value-add
investment opportunity we specialize in,” said Constantine Scurtis,
president of Lynd Acquisition Group, LYND’s investment division.
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| Constantine Scurtis |
“Taking a well-located property in an economically strong metropolitan area and utilizing our best-in-class management platform to make upgrades, and boost performance on behalf of our investors.”
Built in 1972, Parc Place features one, two and
three-bedrooms units with an average unit size of 737 square feet.
While
the property has undergone some renovation over the years, LYND plans a
significant rehab of both living spaces and common areas.
LYND has earmarked a minimum of $2.25 million to upgrade the interiors, gym equipment, the pool area, add outdoor grilling stations, and introduce other new amenities.
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| David Lynd |
LYND has managed more than 11,800 units in Florida over its history, owning more than 6,500 of them. The company has spent over $180 million in hard-construction costs over the years in renovation work.
“We are very bullish on Florida, especially
South Florida,” said A. David Lynd, LYND’s CEO. “When you look at what’s
happening in the region, several companies are moving here creating jobs.
Good jobs mean good renters.”
CONTACT:
Todd Templin
Executive Vice President
BoardroomPR
O 954-370-8999
C 954-290-0810
