San Antonio, Texas-based Lynd LLC has purchased an $80 million portfolio of distressed student housing in Tallahassee, Fla., from LNR Property LLC. The portfolio is composed of seven distressed notes and two bank-owned properties. The purchase price was not disclosed.
Over the past two months, Lynd has acquired $161 million in distressed assets, including a bulk purchase in February of $62 million worth of notes on 14 commercial properties.
The Tallahassee portfolio includes nine student apartment buildings totaling 1.756 million square feet, 1,785 units and 4,255 beds. Two-thirds of product was built between 1999 and 2004, and all of the buildings are located near the Florida State University campus.
Lynd has begun tenant improvements on the two real estate owned properties on which it has taken title. The company will take title on the remaining properties as each is disposed of in the court system. The company says it is actively seeking a regional manager to manage the portfolio.
