Lynd Acquisitions Group has expanded its multifamily portfolio with the Village at Lionstone Apartments, a garden-style apartment community directly east of downtown Colorado Springs, Colo. The cost of the acquisition was $46.7 million. According to Yardi Matrix data, the previous owner was American Capital Realty Group, which bought the asset in 2017 for $40.5 million from AllPro Capital.
Lynd anticipates undertaking a value-add plan that will bring upgrades to the property’s living spaces and common areas.
Located at 255 Lionstone Drive, the 1984-built Village at Lionstone features one- and two-bedroom units with one or two bathrooms. Unit features and finishes include stainless steel appliances, wood cabinetry and walk-in closets. Picnic areas with grills are among notable amenities.
The new owner intends to roll out its Lynd Living concept to deliver signature enhancements. Among them are an outside fire pit, sports viewing areas, upgraded laundry care facility, enhanced outdoor barbecue areas, dog park and jogging trail. Within units, improvements are likely to include an upgraded island kitchen feature, plank flooring and quartz countertops.
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“One of our relationships got wind of a deal that had trouble closing. We took over the position and were able to close it in 45 days,” A. David Lynd, CEO of Lynd, told Multihousing News. “Between our capital partners and our acquisition team, we were able to determine whether it was a good deal or not. Colorado Springs has seen tons of in-migration during the pandemic. People are saying ‘Why don’t I move, get a third of the cost of living and have the mountains in my backyard?’,” Lynd noted.
Among the upsides for Lynd was the comparative dearth of new apartment development in the city. “The cost of new construction is very expensive, and permitting can take up to two years,” Lynd said. “But with more jobs and more people of income moving there, you’ll start to see more new development. It will be a market good to build in in the future.”
The Village at Lionstone is near East Platte, a major east-west Colorado Springs arterial. “It’s one of the major thoroughfares that runs up to the Air Force Academy and the central business district, as well as to the airport,” Lynd noted. “It’s a very convenient city; you can get almost anywhere you need to be in about 15 minutes.”