WINLYND LLC, a joint venture between Chicago-based Windy City RE LLC and San Antonio-based Lynd Opportunity Partners, has acquired Village at Lamar, a 384-bed student housing community in Beaumont, Texas. The Lynd Co. will lease and manage the property.
Located at 5230 S. Martin Luther King Parkway, the 96-unit property serves students attending Lamar University. Built in 2006, the community features a leasing center and five, three-story buildings with four-bedroom and two-bath units. In-unit amenities include oversized closets, full-size washer/dryer, private balconies or patios, free Wi-Fi and stainless-steel appliances. Common-area amenities include:
- swimming pool
- fitness center
- volleyball court
- game room
- tanning beds
- business center
“We acquired a rare, term-defaulted note at a discount to the unpaid principle that has underlying collateral which we think has great upside potential,” David Lynd, who was recently appointed as president & CEO of LYND and Lynd Opportunity Partners, said in prepared remarks. “Between 2010-2014, Lynd investors purchased over $1 billion worth of unpaid principle balance notes, so this is something we have a lot of experience with.”
The company plans to invest in renovations and is expected to be completed prior to the fall semester. Last month, WINDLYND LLC purchased 1,031 foreclosed apartments in Florida’s panhandle.
Image via Google Street View
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