 |
| David Lynd |
That amounts to $15.50 million more than the $51.00 million price paid on March 17, 2021.
 |
| Aqua Villa, 5750 Lakeside Drive, Margate, FL |
Lynd Living CEO David Lynd said the
decision to sell now was not easy, but feels the time was right to maximize
value due to the hot real estate market.
“Values in South Florida have really skyrocketed since the
pandemic due to intense in-migration from other states,” Lynd said.
“Rents have jumped by over 20% since our acquisition and we
achieved our projected five-year net proceeds for investors and partners after
just eight months. We always keep our investors’ goals in mind for every
deal.”
 |
| “Our signature chef’s kitchens have become a major draw" |
The Lakes at Margate (renamed Aqua Villa) is a deal that almost didn’t happen to start with thanks to the
pandemic.
Lynd Living was originally
supposed to buy the property on March 11, 2020, but its equity partner backed
out and the deal became less certain.
But Lynd persevered with
the seller and was able to close nearly a year later. This marked the
first time the company used crowd-sourced equity to help fund an
acquisition.
 |
| Constantine Scurtis |
“As it stands, our
investors are getting an incredible rate of return on their money over a much
shorter time period than anyone anticipated.”
Built in 1987, Aqua Villa features one, two and three-bedroom
units with wood-plank floors, custom white cabinetry and energy-efficient
appliances.
The community has two
pools, a clubhouse, a modern fitness studio and cyber-café. Lynd
spent $4 million in renovations and upgrades including the addition of chef’s
kitchens to 3-bedroom units.
“Our signature chef’s kitchens have become a major draw everywhere
we have put them in, Lynd said. “In Margate, we were able to increase rents by
as much as $800 for these special units, thus generating a lot of additional
value for the asset.”
Hampton Beebe of Newmark was
the listing agent.
 |
| Hampton Beebe |
Aqua Villa is located at 5750 Lakeside Drive, Margate, Florida, near the intersection of W. Atlantic Boulevard and N. State Road 7, just a couple of miles from Florida’s Turnpike.
In Florida, LYND has owned 6,300 units over its history and managed nearly 12,000 units.
It also co-developed the 390-unit luxury
condominium building Nine at Mary Brickell in the mid-2000s. The company has
plans to a lot more business in the region over the coming years.
ABOUT LYND:
LYND is a privately held, national real estate firm that develops, acquires and manages multifamily real estate assets.
Operating approximately 20,000 apartment units in 13 states, Lynd ranks as one of the premiere multifamily management companies in the country.
For more information, please visit www.lynd.com.
Contacts:
Todd Templin, Boardroom PR
954-370-8999 or 954-290-0810
Daniel Benjamin
Senior Account Executive, BoardroomPR
O 954-370-8999
C 954-618-8287
Bank of America Plaza | 1776 N Pine Island
Road
Suite 320 | Fort Lauderdale, FL 33322
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