San Antonio-based real estate firm to leverage 40 years of experience to recapture lost value
The Lynd Group, a leading multifamily real estate firm, won an assignment to turn around an $800 million, 11,000-unit apartment portfolio that became distressed due to headwinds in the commercial real estate market.
Equity holders hired the Lynd team because of its 40-plus years of operations and asset management expertise. Lynd will now take over management of each property, conduct a deep-dive assessment and uncover ways to boost value through better operational efficiencies. There are over 50 properties located throughout twelve U.S. states. The portfolio will be overseen by an independent fiduciary.
Lynd’s CEO A. David Lynd and CIO Constantine Scurtis rolled up their sleeves and worked directly with owner and his investors to land the assignment.
“Due to the sheer size and complexity of the transaction, we needed all-hands-on-deck,” Lynd said. “It was fun getting into the weeds on this one. We are seeing a lot of value being eroded due to poor on-site execution. This is why we are in business.”
The owners purchased the portfolio over the last several years as a value-add play, but when interest rates and costs started to soar, the economics prevented them from making the needed capital expenditures.
“This is where Lynd comes in,” Scurtis said. “Through our many years of experience in operations, we have the skills to evaluate each property, identify what can be improved, execute the turnaround plan, and regain the lost value. Once this is accomplished, the goal is to sell or refinance.”
Throughout its over four-decade history, Lynd has successfully managed more than 180,000 units through all sorts of cycles, gaining considerable experience in capital markets, property management, asset management, construction services, and legal.
About The Lynd Group
The Lynd Group is a fully vertically integrated real estate organization based in San Antonio, TX with a long-standing history in the acquisition, development, and management of residential and commercial real estate. Operating units throughout the U.S., Lynd ranks as one of the premiere multifamily management companies in the country. For more information, visit www.lynd.com.
