Lynd, a seasoned real estate company with over 40 years of expertise in property management, construction services, acquisitions and development investments, announced the expansion of its third-party multifamily management services business for institutional and individual owners nationally. Following an extensive search, it also has re-hired Josué Garza, a veteran property management professional with a proven track record after a decade with Gran Ciudad, in addition to an earlier role with Lynd. He will be based in Lynd’s San Antonio headquarters.
After strategically focusing on optimizing its own management portfolio of approximately 22,000 units across 13 states, Lynd has refined its property management offerings, adding a real-time mobile data application and other value-add tools, and is now poised to deliver exceptional results to third-party owners in a dynamic market.
A leading developer and investor in multifamily properties, Lynd has 44 years of experience in managing its own and other investors’ multifamily properties, from affordable to Class A buildings, primarily in the South and Southeast. Under Garza’s direction, Lynd Management Group plans to rapidly scale its units under management this year. According to Garza, ramping up Lynd’s managed portfolio is achievable given the firm’s prudent target strategy and proprietary software that provides owners with a 24/7 real-time look at critical property data, such as collections and renewals, as well as other best-in-class practices to reduce expenses, manage revenue and ensure resident satisfaction.
“Property management has long been one of Lynd’s core strengths,” said Justin Utz, Lynd’s chief operating officer. “In this economic climate, as owners face rising inflation and operating costs, best-in-class property management is more important than ever. Our successful track record in managing multifamily properties, combined with Josué’s expertise in scaling a national operation, will ensure that we can meet owners’ needs, whether for one property or 100.”
Nationally, multifamily operating costs increased 13% between 2020 and 2022, and insurance alone was up 28% year-over-year in January 2024, according to RealPage Market Analytics data. At the same time, multifamily sales fell by 60% in 2023 from 2022, the lowest volume in a decade. The result has been growing pressure on owner margins, more difficulty in finding a buyer to exit profitably and a rise in distressed assets, according to Utz. It all has combined to make efficient, effective property management a priority for more owners.
Lynd’s property management division prides itself on expense control, a high renewal rate for residents and a value-add approach that focuses on strategic upgrades to improve performance. The company also has a construction division that can perform renovations in-house or work alongside preferred contractors with pre-existing relationships to a client.
“Josué will bring tremendous value to the table for investors whether they are looking to maintain, improve or sell their assets,” said Utz. “With high interest rates slowing down multifamily sales, it’s paramount for owners to have their properties looking and performing their best to either take to market or hold for the long run.”
Josué Garza brings 14 years of experience in property management, most recently as director of property management at Gran Ciudad, a privately held affiliate of Black Creek Capital that develops, owns and operates multifamily housing throughout Mexico.
“Returning to Lynd, where I started my career 14 years ago, is not only a meaningful professional step forward, but also a chance to apply the invaluable skillset I gained with Gran Ciudad to help grow Lynd’s property management business,” said Josué Garza. “Owners today have a smaller margin of error to operate efficiently than just a few years ago. We are property managers with the eye of an owner and the resources, knowledge of individual markets, proprietary technology and standards of an institutional-quality operator.”
