The Lynd Group and Declaration Partners acquired a distressed multifamily asset in San Antonio. Along with Corten Real Estate, they bought a newly constructed 260-unit apartment building for $48 million. The property, Augusta Flats, was purchased from the prior owner’s lender for near-par value, representing a discount from the previous trade in 2021. Benefit Street, a long-time debt partner of Lynd’s, provided a loan for this latest deal which is located at 714 McCullough Ave.
David Lynd added, “We paid $185,000 per unit and estimate it would cost $225,000 per unit if we were to build today.”
Lynd and Declaration serve as general partners, and Corten provided joint venture equity to finance the acquisition.
Augusta Flats is a community of five-story buildings with studios, one-bedroom, and two-bedroom apartments with high-end finishes and spacious layouts. Amenities include a rooftop lounge, a pool, cabanas and 24-hour fitness facility and a golf simulator.
Read More: Lynd-Led Group Buys Distressed SA Property
