SAN ANTONIO, May 27, 2011 (GLOBE NEWSWIRE) -- Lynd, LLC, has purchased an $80 million portfolio of distressed student housing in Tallahassee, Florida from LNR Property LLC, a diversified real estate investment, financing and management company based in South Florida. The portfolio is comprised of seven distressed notes and two bank owned properties. LNR chose Lynd's bid over several other real estate investors who made offers. The company closed on the property just eight days after going to contract. The purchase price was not disclosed.
"I think LNR recognized that we are an attractive buyer," said A. David Lynd, Lynd's chief operating officer. "Our 30 year track record as a successful owner- operator and our ability to write a check on the spot gives us a big edge against competing investors. We are flush with plenty of equity and actively seeking to talk with anyone looking to divest of their troubled assets."
Over the past two months, Lynd has acquired $161 million in distressed assets including a major bulk purchase of $62 million worth of notes on 14 commercial properties back in February.
The Tallahassee portfolio includes nine student apartment buildings totaling 1.756 million square feet, 1,785 units and 4, 255 beds. Two thirds of product was built between 1999 and 2004. All of the buildings are located very close to the Florida State University campus as well as several other colleges in the area. Tallahassee is home to nearly 65,000 college students.
Lynd has already begun tenant improvements on the two REO properties it has taken title to. It will take title on the remaining properties as each is disposed of in the court system. The company is actively seeking a regional manager to manage the portfolio.
The properties were listed and marketed by Holliday Fenoglio Fowler's New York office. Joe Morningstar was the listing broker.
With this purchase, Lynd has increased its national multi-family unit count to 36,000. It now manages 2,000 units in three Florida markets including Miami, Tampa and Tallahassee.
About Lynd:
Based in San Antonio, Texas, Lynd is a family-owned real estate investment company that specializes in multi-family and commercial properties. With more than 36,000 residential units under management in 13 states, the company is listed in the Multi Housing Council's list of the "Top 50 Apartment Managers" in the United States. Lynd also invests in and manages commercial properties through its affiliate Easton-Lynd Management based in Miami. For more information log on to .
CONTACT: Media Contact: Todd Templin Boardroom Communications 954-370-8999 or 954-290-0810 ttemplin@boardroompr.com Lynd Contact: A. David Lynd, President 210-364-3964 alynd@thelyndco.com