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Lynd pays $41M for Miami Gardens apartments
Buyer also recently bought a Margate complex
UPDATED, June 10, 10 a.m.: Lynd bought a Miami Gardens apartment complex for $40.8 million, marking the group’s second South Florida multifamily purchase this year.
San Antonio, Texas-based Lynd purchased the 234-unit Parc Place Apartments at 17600 Northwest Fifth Avenue in an off-market deal, according to a news release. The price breaks down to $174,359 per unit.
Ronald Meyerson of Cedano Realty Advisors represented the buyer. A team led by Newmark’s Tal Frydman and Hampton Beebe represented the seller.
The seller, an affiliate of Hollywood-based Coastline Management and North Miami Beach-based Tower Capital Group, bought the property in 2018 for $30.4 million.
The complex was built in 1972 and has had some improvements over time. Lynd plans at least $2.25 million in renovations to the units, gym, pool area and grilling stations, according to the release. It also will add amenities.
The buildings span 8 acres and offer one- to three-bedroom units, with an average apartment size of 737 square feet. The community allows pets.
ApartmentFinder.com lists monthly rents ranging from $1,250 for a one-bedroom to $1,750 for three bedrooms.
Lynd, founded by Michael Lynd Sr. in 1980 and now led by A. David Lynd, has managed more than 11,800 units in Florida, including more than 6,500 that it owned, according to its website and the release. Lynd’s investment arm, Lynd Acquisition Group, is headed by Constantine Scurtis.
The multifamily investor, developer and manager bought the 280-unit complex at 5750 Lakeside Drive in Margate in March for $50.75 million.
Miami-Dade County multifamily sales have been flowing in recent months. In April, New York-based Sentinel Real Estate paid $96.6 million for a 452-unit portfolio in Miami Beach and Bay Harbor Islands; and Estate Companies sold its newest West Miami project for $97 million.