Lynd Acquisition Group (LAG) has recently acquired a 327-unit garden-style apartment community in San Antonio for $76.25 million. The property, known as Culebra Commons, was developed in 2021 by Lynd Development Group and is part of the LYND Group based in San Antonio.
According to A. David Lynd, CEO of LYND Group, Culebra Commons is one of the most impressive garden deals they have ever developed. However, instead of selling it to another party, LAG decided to acquire it themselves.
The luxurious amenities at Culebra Commons include a resort-style pool with private cabanas, a Yoga studio and an indoor/outdoor gym facility. Residents can also enjoy an elegant club room with fireplace and flat screen TVs or relax at the resident lounge equipped with a catering kitchen. For families with children there is also a playground on site.
In addition to its upscale features and amenities,Culebra Commons offers affordable housing options for residents through tax breaks provided by LAG.As per state regulations,a minimum of 50 percent units are reserved for affordable housing where residents pay reduced rent based on their income related to Area Median Income (AMI). This initiative was made possible through Lynd Development group’s utilizationofa state program aimed at encouraging more constructionofaffordable units.
This post highlights how LAG successfully secured ownership over this highly sought-after rental communityinSan Antoniofor $76M without mentioning any specific company names such as Connect CRE or Connect LA or Connect Texas.
