CHICAGO, IL – WINLYND LLC has acquired 1,031 apartments out of foreclosure located in Florida’s Panhandle for $35.68 million. The lender, Bank of Oklahoma, held six separate auctions. WINLYND won three of them and acquired a fourth portfolio from a competing bidder who won the first auction. The apartments are located in Escambia, Okaloosa and Santa Rosa counties.
WINLYND LLC is a joint venture between Chicago-based Windy City RE and San Antonio, Texas-based Lynd Opportunity Partners. They have contracted with The Lynd Company (LYND), also of San Antonio, to manage the apartments under its best-in-class platform.
“We are happy to partner with Windy City RE on this acquisition,” said A. David Lynd, CEO of LYND and Lynd Opportunity Partners. “Winning this type of deal at our basis is rare in today’s market where good deals are scarce. The plan is to rehabilitate the assets, improve operations and position them for sale. The execution strategy is our core competency.”
“This is our first acquisition together with David and his investors and we expect many more deals to follow,” said Amy Rubenstein, CFO of Windy City RE. “We have an excellent opportunity to improve the living experience for our current residents and at the same time add value to the real estate.”
Windy City RE said it decided to partner with LYND due to LYND’s extensive national experience in managing apartments and performing value-add rehab.
For LYND, this is an opportunity to be back in northwest Florida. The firm also manages properties in Jacksonville and South Florida. Nationally, LYND has a portfolio of 23,000 apartments in 11 states, mostly in the Sunbelt region and Chicago area.
About WINLYND: WINLYND is a joint venture of Windy City RE LLC and Lynd Opportunity Partners, along with private investors that invests in multifamily properties with value-add opportunities. The partnership is made up of principals A. David Lynd, CEO of LYND and Lynd Opportunity Partners; Matt Merritt, CFO of LYND; and Amy Rubenstein, Milan Rubenstein and Jack Korol, who are based out of Chicago with Windy City RE, a multifamily property investment firm.
About LYND: Headquartered in San Antonio, TX, LYND is a privately-held, national real estate company that specializes in third-party management of multifamily real estate assets. Managing approximately 23,000 apartment units in 11 states, LYND ranks as one of the premiere multifamily management companies in the country. For more information, visit www.lynd.com.
About Windy City RE LLC: Windy City RE is a Chicago-based real estate investment firm that acquires apartment buildings that have upside potential for improvement. The firm aims to generate the maximum amount of revenue for investors by adding value to properties. For more information, visit www.windycityre.com.