Lynd Opportunity Partners (LOP), a Texas-based real estate investment firm, has acquired a 444-unit multifamily community in Jacksonville for $35.15 million in an off-market transaction. Built in the 1970s, the joint venture with Topaz Capital, a New York City-based private equity firm, plans to spend more than $5 million in value-add rehab to upgrade the property currently known as Mission Springs.
“The local economy is exceptionally strong right now and there are a lot of well-paying jobs in the vicinity of our acquisition,” said A. David Lynd, a CEO of LYND, a national multifamily management company based in San Antonio. “We see a lot of opportunity to push rents closer to market rate once we complete our renovations. This type of execution plays into our firm’s core competency having renovated 1645 units in the last 24 months with a combined scope of 23 million.”
“LYND and Topaz intend to reposition the asset to ‘Topaz Villas JAX,’ a best in class garden-style apartment community to serve the areas large concentration of medical, naval complex, retail, technology and marine science professionals,” said Marc Hershberg, CEO of Topaz.
Renovations include updates to the apartment home interiors, all common areas, including pools, playgrounds and recreational areas. There are also plans to add a fenced in eco-friendly dog park and playground area.
The property is located at 5327 Timuquana Road, Jacksonville, Florida 32210.
According to RentCafe, Jacksonville ranked fourth last year among the biggest U.S. cities for having the fastest rent growth. And one out of every three households pays rent according to a 2018 report by the National Low Income Housing Coalition.
“We are excited to unlock the potential of this asset. Rent growth and median income increases are exceptionally strong in Jacksonville compared to the national average,” said Lewis Borsellino Jr., LYND’s director of acquisitions.
“Topaz is excited to be further establishing our relationship with Lynd Companies,” Marc Hershberg, CEO of Topaz Capital said.
Since 2017, LYND has acquired 4,665 multifamily units throughout Texas, Florida and Illinois valued at nearly $300 million and performed more than $23 million worth of value-add rehab work. Some key investments include 1,031 apartments in the Florida Panhandle and a 384-bed student housing community in Beaumont, Texas.
LYND has owned and managed apartments in Jacksonville and throughout the State of Florida for the past 15 years.
Headquartered in San Antonio, TX, Lynd is a privately-held, national real estate company that specializes in third-party management of multifamily real estate assets. Managing approximately 23,000 apartment units in 11 states, Lynd ranks as one of the premiere multifamily management companies in the country.