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The Lynd Group and Its Joint Venture Partner Topaz Capital Completes $66 Million Sale of 444-Unit Jacksonville Apartment Community
Lynd Acquisitions Group (LAG), a division of The Lynd Group, and its JV partner Topaz Capital, sold a 444-unit value-add multifamily asset in Jacksonville for $66 million just three years after acquiring it for $35.15 million.
The partnership invested approximately $5 million updating both living spaces and common areas. They renovated approximately 75% of the units, increasing average rents from $783 per month to $1,078 per month at the time of closing.
“Just as we were rolling out our renovation program, COVID 19 hit which shut down the economy and created headwinds in the housing market,” said Marc Hershberg, CEO of Topaz, a New York City-based private equity firm. “While many operators halted further investments during this period, Lynd marched through the uncertainty and relied on its 40-plus years of boots- on-the-ground experience to drive value and control the outcome of the investment.”