Save the date: RealShare Houston comes to The Petroleum Club of Houston on April 30, 2013.
HOUSTON-Lynd Residential Properties, the multifamily property investment arm of LYND, has begun 2013 with a new acquisition. Specifically, the San Antonio buyer now owns the 438-unit Limestone, which it bought from Post Investment Group LLC in West Hollywood, CA.
Financial details for the property at 14723 W. Oaks Plaza St. were not available, though the Harris Central Appraisal District assesses the multifamily property at $14.1 million. The interesting story about Limestone is that it was once called Serrano Apartments and it once belonged to MBS Realty, a company that folded during the economic downturn of the late 2000s. Post Investment acquired the asset, built in 1999 by Fairfield Residential, out of bankruptcy, fixed it up, and sold it to LRP.
According to a press release from LYND, more upgrades are planned such as spiffing up interiors and common areas and amenities. “We saw a multifamily property that fit well with our value-add strategy,” says A. David Lynd, LYND’s president and COO in a press release. “We will raise the property to Class A standards and expect to generate higher returns as we execute our business plan.”
Representatives from LYND were not immediately available for comment. Look for an update to follow soon.