Lynd Acquisitions Group (LAG) recently acquired the 16-story, 266-unit Mayflower Apartments on the north end of Virginia Beach for $43 million. Stimler arranged a $33 million acquisition loan for LAG from Hunt Real Estate Capital, which was represented by Marc Suarez in Hunt’s Miami office. Mike Marshall of Newmark represented the seller, Harbor Group International, a Norfolk, Va.-based real estate investment and management firm with assets valued at $9.7 billion.
The Mayflower was built in 1950 and renovated in 2010. The property has 3,140 square feet of ground-floor commercial space, a separate parcel with 11,915 square feet of free-standing retail, and both on-site and off-site parking. The value-add proposition sits on a prime location, and it is the only high-rise rental building in town within a block of the Atlantic Ocean.
“This is a crown jewel in Virginia Beach, there is nothing else like it,” said A. David Lynd, CEO of LAG and LYND, a privately held apartment management company based in San Antonio. “With the Mayflower, we see a tremendous opportunity to execute our current strategy of identifying unique properties that are undervalued and craft tailored plans to unlock the value in both rents and occupancies.”
Lynd and his co-investors plan on spending $4.6 million-plus on capital improvements to common areas and individual units. The common areas are slated for the addition of Amazon package lockers, surfboard lockers, and an enhanced fitness center.
The Mayflower unit mix includes studio, one-, and two-bedroom units, as well as a penthouse floor with ocean views. Plans include investing more than $13,000 per unit to renovate interiors from top to bottom with stainless steel appliances, quartz countertops, hardwood floors, and upgraded fixtures. LYND Management has been retained to oversee the renovations and manage the building.
