LYND Acquires Parc Place Apartment Community in Miami Gardens for $40M
Privately held, real estate firm LYND purchased Parc Place, a 234-unit apartment community in Miami Gardens, Fla., for $40 million in an off-market transaction that closed on Tuesday.
The purchase is the Texas-based company’s second in South Florida this year. In March, LYND purchased a 280-unit, garden-style apartment community in Margate for just over $50 million, with plans to spend $4 million on renovations.
Representatives from the company did not disclose the identity of the seller in the transaction, but the owner appears to be The Coastline Group, according to property records
“The immigration stats and the growth in Florida are just undeniable,” LYND CEO David Lynd told Commercial Observer. “That kind of population growth clearly drives up prices and affordability, et cetera. We really like South Florida because of the supply and demand balance, and the fact that people want to move there because it’s highly desirable.”
“We like the market and we’re going to continue to buy there,” he added.
The garden-style community, located at 17600 NW 5th Avenue, includes one-, two- and three-bedrooms units. LYND plans to spend $2.5 million to renovate the living spaces and common areas, and to upgrade the gym equipment, pool area, outdoor grilling stations and add new amenities.
LYND, which has managed more than 11,800 units in Florida since its founding, is jumping into the South Florida market. South Florida local and president of Lynd’s investment division, Constantine Scurtis, was confident with the apartment investment.
“Parc Place is the exact kind of value-add investment opportunity we specialize in,” Scurtis said in a statement. “Taking a well-located property in an economically strong metropolitan area and utilizing our best-in-class management platform to make upgrades, and boost performance on behalf of our investors.”
Tal Frydman of Newmark represented the seller, Coastline Group, in the transaction.
Update: This story has been updated to include the broker for Coastline Group.