Lynd Acquisitions Group, an affiliate of San Antonio-based LYND, has acquired a 288-unit garden-style apartment community in Colorado Springs, Colorado, for $46.75 million.
The Village at Lionstone Apartments includes one- and two-bedroom floor plans with wood floors, stainless-steel appliances, wood cabinetry, and walk-in closets. Amenities include a heated pool with a hot tub, picnic areas with barbecue grills and a playground, a clubhouse, a theater room, and a business center.
“This is a solid-performing asset in an area with strong fundamentals and not much new apartment construction,” said CEO A. David Lynd. “It’s a perfect fit for our portfolio and for our LYND living model, which is providing an exceptional experience for residents.”
LYND has plans to make improvements to the community, which was built in 1984. The community will receive signature upgrades through the rollout of the LYND Living concept, including an outside fire pit and sports viewing areas, an enhanced laundry facility, enhanced outdoor barbecue areas, a dog park, and a jogging trail. Unit improvements will include upgraded island kitchen features, quartz countertops, and plank flooring.
“In a post-COVID world, the value-add features we create on a site must be mindful about creating amenities that will be useful should we ever face another pandemic,” said Lewis Borsellino, vice president of acquisitions for LYND. “Our newest offering does just this and more.”
LYND manages more than 20,000 units in 11 states. The real estate investment company that focuses on acquiring value-add assets has a history in Colorado, primarily in the Denver metro area, managing up to 800 units in the past the past. Lynd Acquisitions Group has made $300 million in value-add acquisitions in the past 12 months and already has $230 million in the pipeline for 2021.
