Lynd Acquisition Group (LA), a division of The Lynd Group, has acquired another apartment community in San Antonio, recently closing on the 344-unit Parc 410 in the Leon Valley submarket. The acquisition price was not disclosed. Lynd plans on investing $6 million in renovating units and common areas, and performing deferred maintenance.
The garden-style property is located at 5827 NW Loop 410 near the San Antonio River Walk and within a few miles of major employment centers and retail centers.
“With Parc 410, we see a well-located asset ripe for a refresh providing more value to our residents and our investment partners,” said A. David Lynd, Lynd Group CEO. “While there’s room to push rents higher, renters will still be able to get good bang for their buck compared to other parts of the metro area.”
Built in 1985, the property has one- and two-bedroom units averaging 716 square feet. Lynd plans on upgrading each of them with new kitchen appliances, cabinet doors, and backsplash tile, as well as new hardwood flooring and lighting fixtures. Lynd will also upgrade many of the amenities which include two pools, a clubhouse and fitness center, BBQ and picnic areas, gated dog park and a basketball court. Plans call for installing package lockers and a children’s playground.
Lynd will add the property to its Lynd Living management platform which plans a rebrand once renovations are made.
“From an investment standpoint, we remain bullish on San Antonio,” said Constantine Scurtis, Lynd Group’s chief investment officer. “Strong in-migration and a lack of housing affordability bode well for multifamily rentals now and into the near future.”
“These are challenging times for capital markets, which in turn has forced many owner-operators to the sidelines,” Lynd said. “But we have had a 40-plus year history of closing deals and managing in uncertain times and are continuing to push forward now by looking at the world through a new lens.”
Parc 410 is Lynd’s second apartment investment in San Antonio in the past eight months. In March, it acquired the 244-unit Esperanza Apartments in the Far West Side submarket.