The Lynd Group has made another successful sale of a multifamily asset that it has owned for less than a year. Approximately nine months after acquiring the 312-unit Villas at Valley Ranch in Porter, Texas, for $39 million, the San Antonio-based vertically integrated real estate organization has sold the property to Houston-based Keener Investments for $53.9 million.
The Lynd Group completed a couple of million dollars in value-add renovations and repairs after the acquisition in late June 2021. As part of a two-property portfolio, it also acquired the 372-unit Paramount at Kingwood in Humble, Texas, which it sold in early March for $61.38 million after purchasing it for $44.55. In total, the organization paid $83.55 million for the portfolio and sold for over $115 million in less than a year of hold time.
“Lynd is very proud of our execution on this transaction with our institutional partner,” said CEO A. David Lynd. “We were able to buy this asset, establish excellent upside potential in our value-add program, and consummate a successful sale.”
Built in 2008, Villas at Valley Ranch features one- and two-bedroom units with an average size of 932 square feet. Amenities include a modern clubhouse with large gathering areas and a fully equipped gym; a resort-style pool; and a scenic walking path.
“When we bought these properties, the oil and gas industry was in a bit of a decline, but we have always been bullish on Houston’s resiliency,” added Constantine Scurtis, co-CEO of Lynd Acquisitions Group. “Our instincts were correct as the market bounced back in six months and we were able to sell them quicker than anticipated.”