LYND Purchases 280-Unit Florida Multifamily
The firm was originally set to acquire the $50.8M apartment community one year ago, prior to the nationwide lockdown.
The Texas-based, privately-held real estate firm, LYND has acquired a 280-unit, garden-style apartment community in Margate, FL for $50.8 million, from the Colorado-based, multifamily owner and operator, Grand Peaks.
The transaction closed on March 17.
LYND was originally set to close on the Margate property in mid-March 2020, however, at that time, the nation began to shutdown due to the COVID-19 pandemic. As a result, LYND’s initial equity partner backed out of the deal.
“LYND has a rich tradition of never giving up—whether it’s contacting 126 banks to finish a high-rise or working a deal for one year and six months, we do not know how to quit,” says Constantine Scurtis, president of Lynd Acquisitions Group, LYND’s acquisition division. “This is what happens when a buyer and seller are both rational and work towards a solution in turbulent times. I want to thank the sellers, Grand Peaks, for sticking with us. It’s certainly one for the books.”
Located at 5750 Lakeside Dr., the acquired multifamily community, the Lakes of Margate, features two pools, a clubhouse, fitness studio, cyber-café and is surrounded by an expansive lake. The asset offers one-, two- and three-bedroom units, with wood-plank flooring, custom cabinetry and energy-efficient appliances.
LYND intends to invest nearly $4 million in the property, which was built in 1987. The renovations will include upgrading all units and common areas, enhancing open spaces and adding modern apartment features
“We see an excellent opportunity to breathe new life into this property and make it the premier rental community in Margate,” Scurtis said. “The pandemic has accelerated both in-migration and capital’s desire to be in South Florida, where fundamentals remain strong.”
Within the past 15 months, LYND has now completed $350 million in value-add acquisitions, including this most recent acquisition.