"We purchase right and we purchase smart," Jason Espejo, Lynd'sacquisitions director, says of the takedown of a 46-buildingdevelopment sitting on 23 acres at 7300 Parkridge Blvd. in LasColinas. Eyed as a long-term hold, Parkridge Place is the company'sfirst acquisition in the tony submarket although it owns 1,000units, across all classes, in the metroplex. The full portfolio,spanning five Texas cities, contains 3,400 apartments.

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

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