Lynd Acquisition Group has acquired a garden-style rental community in San Antonio for $76.3 million. Built by Lynd Development Group, a LAG affiliate, in 2021, Culebra Commons is a 327-unit apartment community located at 7106 Culebra Commons Road. Both LAG and Lynd Development Group are part of LYND Group, which is based in San Antonio.
Culebra Commons features one-, two- and three-bedroom apartments averaging 835 square feet in size. Features and finishes of apartments include framed mirrors, double vanities, walk-in closets and kitchen islands with USB ports. A resort-style pool with cabanas and a weekend D.J. are among the property’s amenities.
Affordable set-aside
Because 50 percent of the residences are set aside for affordable housing, LAG will receive a tax break on the property. Lynd Development Group leveraged a state program intended to spur the construction of additional affordable apartments.
“We consider this the finest garden-style property we’ve ever built, with a range of design features and finishes way above the norm,” David Lynd, CEO of LYND Group, told Multi-Housing News. “It’s a luxury property, but the best part about it is it has an affordability feature, so all kinds of income ranges let people enjoy the property.”
After marketing the property heavily, LYND Group had lined up a prospective outside equity partner more than a year ago. “Then we had four interest rate increases, a couple wars and fears about the economy and around where rents and concessions were going,” Lynd said, adding that those issues led the original partner to pass on the deal. “We wound up wanting to acquire the asset at the same price the outside partner agreed to. We ended up closing it using preferred equity as opposed to straight equity deal.”
Culebra Commons is about 15 minutes northwest of downtown San Antonio.
It is also just minutes away from major employers, including Lackland Air Force Base and Kelly Air Force Base. Also nearby are popular shopping destinations, such as Westwood Vista Shopping Center, located a five-minute drive away, and Ingram Park Mall. San Antonio International Airport is a half-hour drive from the community.
Earlier this month, Bainbridge Cos. made news by opening Bainbridge Creekside in a San Antonio suburb.
