Lynd Spins Off Colorado Springs Rental Property for $67.5M
Lynd Acquisitions Group (LAG) has unloaded a 288-unit garden-style apartment community it purchased just two years ago. The San Antonio-Texas-based investment group acquired the Village at Lionstone Apartments in Colorado Springs, Colorado for $46.75 million, and now has sold it for $67.5 million, which comes out to about $234,000 a unit.
“At the time we bought this asset, we knew that Colorado Springs was one of the hottest apartment markets in the U.S. with no new construction in the pipeline,” said A. David Lynd. “As a result, we were able to achieve a 31.5% internal rate of return for our investors and an equity multiple of 1.8x in just two years, outperforming our original plan.”
Built in 1984, The Village at Lionstone features 1-and 2-bedroom units with 1-2 bathrooms. Community amenities include a heated pool, with hot tub, picnic areas with BBQ grills and a playground, clubhouse, theater room and business center.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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