The Lynd Company (LYND), a San Antonio-based property management firm, has made three executive-level appointments. Company founder and chairman emeritus, Michael Lynd Sr., has named A. David Lynd president and CEO; Ken Miller chief operating officer; and Matt Merritt chief financial officer.
David Lynd served as company COO for 17 years and was the catalyst in the company’s growth from a regional operator to a perennial NMHC Top-50 management company, according to LYND. Last year, the firm ranked 42nd on the NMHC’s manager’s list with nearly 33,000 units. David, the company touts, also brings a wealth of acquisition and development experience. He served as lead partner in the development of LYND’s first residential high-rise building (ENV in Chicago), and in acquiring the John Hancock Tower in 2014. Since his return in early 2017, David has worked closely with Invest in America’s Veterans Foundation (IAVF) to purchase more than $180 million in apartment communities for its veterans housing initiative.
“I am excited to be back in the role of guiding our company which was previously, and continues to be, my life’s work,” said David Lynd in a statement. “With the departure of my ex-partners Sam Kasparek and Mike Lynd, Jr., it was a natural move for me to assume the president/CEO role.
“In a very short time, I have assembled a highly-experienced team that is focused on returning LYND to the core values that made us very successful in my previous 15-year tenure,” he added. During that time, David grew the operating company from 900 units to approximately 40,000 units and, according to the firm, was highly instrumental in creating LYND’s development and acquisitions businesses.
Miller, a 25-year multifamily industry executive who previously served as LYND’s senior vice president of strategic initiatives, has been promoted to lead the corporate and field operations teams as COO reporting to David. Miller’s background includes substantial technology, business process improvement, and multifamily operations experience with firms such as Insignia Financial Group, Lane Company (now CF Residential), Peak Campus, Ambling Companies, and The Rainmaker Group.
Merritt, a 22-year financial, operations, and technology executive provides leadership as LYND’s CFO and principal in the LYND Opportunity Fund – a real estate investment vehicle started in 2015 – also reporting to David. Merritt’s responsibilities include developing new, and maintaining existing, world-class financial and operational processes. He is also responsible for furthering the LYND footprint by evaluating and developing opportunities, as well as the formation and management of its acquisition fund.
Recent Activity
LYND just completed the transition of two portfolios totaling approximately 2,500 units into its integrated, full-service management platform and the company is slated to add another 1,800-unit portfolio later this month.
On March 16, WINLYND, a joint venture between Chicago-based Windy City RE and Lynd Opportunity Partners, announced the acquisition of 1,031 apartments out of foreclosure in Florida for $35.68 million. The lender, Bank of Oklahoma, held six separate auctions. WINLYND won three of them and acquired a fourth portfolio from a competing bidder who won the first auction. The apartments are located in Escambia, Okaloosa, and Santa Rosa counties. LYND will manage each of the properties.
LYND has also added a 542-unit portfolio in Chicago to its 2,633-unit portfolio of assets located in New Orleans, Las Vegas, Jacksonville, Fla., Winston-Salem, N.C., and Spartanburg, S.C., that specializes in providing housing and other services to veterans in conjunction with IAVF, the non-profit entity solely focused on the needs of America’s military veterans.
Additionally, LYND’s Affordable Housing Compliance group recently completed, in conjunction with its client, the successful rehabilitation and LIHTC placement-in-service of a 284-unit community located in Houston’s historic Fifth Ward.
The company says it’s is also in preliminary stages of planning the construction of a new corporate office building in San Antonio in support the anticipated portfolio growth.
In a statement, Lynd Sr. said, “With the executive leadership and departmental improvements made, LYND is well-positioned for growth now and into the future.”
