ATLANTA-San Antonio-based property managers Lynd Co. has entered the market with the $46.3-million acquisition of a two-property multifamily portfolio. Rockville, MD-based Capreit sold the properties through its representatives Derrick Bloom, John Weber and Sean Henry of Apartment Realty Advisors' Atlanta office.
Ashley Mills is a 468-unit complex with one-, two- and three-bedroom units with wood-burning fireplaces, vaulted ceilings and garden tubs. Amenities include swimming pools, children's play area, lighted tennis courts and business center. The Magnolia at Sandy Springs is a 268-unit community with one-, two- and three-bedrooms apartments with air conditioning, balconies/patios and fireplaces. Community amenities include a fitness center, gated entrance and swimming pool. Sandy Springs incorporated about a year ago and the city is seeing much improvement to its real estate, Henry tells GlobeSt.com. "The supply of apartments is dwindling due to condo conversions so that made this property attractive," Henry says.
Henry adds Lynd had been looking to enter the Atlanta market for some time. Lynd plans to make capital improvements to both properties, although details of the improvements were not readily available. "They were looking for apartment complexes that were well located and where they could add value," Henry says.
Lynd also plans to make future acquisitions in the Atlanta area. Lynd acquires properties through its subsidiary Lynd Residential Properties LP, which was created in 2003. Through its first fund, LRP acquired 22 properties worth $340 million. The LRP Fund II closed in October 2005. It is anticipated that the fund will acquire approximately $850 million in properties in the southeast and southwest over a two- to three-year acquisition period.
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