San Antonio-based LYND has been on a growth trajectory since A. David Lynd was named CEO nearly four years ago, doubling the number of units under management, with more to be added this year, stepping up its new development activities, and acquiring more than $575 million in communities in Florida, Illinois, Texas, and Virginia.

The national apartment investor, developer, and operator has been on a buying spree the past six months, acquiring four multifamily assets for $175.5 million, including two properties in South Florida and two in Houston. LYND has another $200 million in its pipeline for this year.

Its latest acquisition of the two multifamily communities in suburban Houston—the 372-unit Paramount at Kingwood and the 312-unit Villas at Valley Ranch—had to overcome some hurdles. LYND recently acquired the two assets for $84 million from seller Sy Li, a Texas-based private real estate investor.

While the two parties had gone to contract on the deal in March 2020, the COVID-19 pandemic threatened the deal. LYND took over management of the assets in September, spending $600,000 on renovations and boosting rents and occupancy, and finally got the transaction to the closing table.

“This is basically a case study in what can be done to save a deal when big, unforeseen problems arise,” said Lynd. “After we went to contract, the properties started tanking, but we did not cut bait and run. Instead we persuaded the owner to hire us to manage the assets and try to right the ship. Our Houston team sprang into action and, just five months later, turned them around completely and got them ready for sale. Now, three years after first pursuing the purchase, we closed the deal.”

Paramount at Kingwood is located in Kingwood and features one-, two-, and three-bedroom units with a clubhouse, a pool, and a fitness center. The Villas at Valley Ranch in Porter includes one- and two-bedroom units with a pool, an outdoor fireplace, and walking trails.

With this acquisition, LYND owns three apartment communities in metro Houston and third-party manages five properties.

Mike Boone has been hired as president of LYND's management company.
Mike Boone has been hired as president of LYND's management company.

While the company is poised for national growth, it also has hired Mike Boone as president of its management company. He will lead a team that manages more than 20,000 apartments nationwide.

Boone, who has 25 years’ experience managing commercial, student housing, senior living, and affordable housing portfolios, was selected after LYND interviewed more than 100 candidates over a five-month period. He started in the multifamily business as a leasing agent and rose through the ranks to hold various management and executive positions. Prior to LYND, he had been vice president of governance at Capstone Real Estate Investments.

“This is most likely the biggest hire we will ever make,” says Lynd. “Property management has been our trade craft for over 40 years, so bringing someone in from the outside was a concern. But Mike made us all feel very confident that he is the right person to lead us into the future.”