IRVING, TX-Lynd Residential Properties of San Antonio, besting nearly two dozen would-be buyers, has grabbed another 536 class A units in the Dallas/Fort Worth metroplex. The 95%-leased Parkridge Place, assessed at $22.3 million, hit the market with a $29.8-million ticket.

“We purchase right and we purchase smart,” Jason Espejo, Lynd’s acquisitions director, says of the takedown of a 46-building development sitting on 23 acres at 7300 Parkridge Blvd. in Las Colinas. Eyed as a long-term hold, Parkridge Place is the company’s first acquisition in the tony submarket although it owns 1,000 units, across all classes, in the metroplex. The full portfolio, spanning five Texas cities, contains 3,400 apartments.

Espejo tells that the acquisition from the Chicago-based Equity Residential, which ended a seven-year hold on the 20-year-old complex, was done via a one-year-old fund focused on acquisitions in Texas with a minimum 125 units and no minimum on the pricing. “We have a very disciplined and voracious appetite,” he says.

Espejo says the team’s still mulling over the extent of a renovation, but what is known is the name stays in place and the company’s in-house management affiliate has been placed in control. Parkridge Place is a mix of 276 one-bedroom units, 242 two-bedroom apartments and 20 three-bedroom floor plans. Units average 850 sf; monthly rents average $730.

Jeff Price, president of Dallas-based Apartment Group, says Parkridge Place had “strong competition” from private and institutional sectors although he can’t disclose if the Lynd Co., which keeps its business close to the vest, and others had met the full asking price to stay in the race. The private buyer is married to institutional capital that most likely scored the win with the top price on the table.

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