Legends Lakeline Fits Lynd’s Strategy of Buying in High-Growth Areas

Lynd Living recently acquired its fourth property in Austin in the past 20 months. In partnership with an institutional buyer, Lynd closed on the 222-unit Legends Lakeline, a class-A garden-style apartment community in North Austin for $46.6 million in an off-market transaction. 

“The Austin-metro area is one of strongest rental markets in the nation due to strong in-migration from high-tax high-density states,” said A. David Lynd, Lynd Living CEO. “Legends Lakeline is a perfect fit for our strategy of buying properties in well-located high-growth areas that we can bring up to date and provide a nicer living experience for our residents.”

Built in 2009, Legends Lakeline features one-, two- and three-bedroom floorplans with unit sizes ranging from 675 square feet to 1,717 square feet. Lynd will invest nearly $4 million in value-add rehab work, and rebrand the property with interior/exterior renovations and additions being made to many of the common areas.

Legends Lakeline is located at 9725 N. Lake Creek Parkway in an area that provides a better value for renters compared to other parts of the metro area.

“While rents have gradually been pushing upwards in North Austin, people seeking to live in quality apartments know the area still offers a much better deal than living in the city center,” said Constantine Scurtis, president of Lynd Acquisition Group.  “That is why we are bullish on this submarket.”