A distressed multifamily asset in San Antonio has been acquired by The Lynd Group and Declaration Partners, along with Corten Real Estate. The property, known as Augusta Flats, is a newly constructed 260-unit apartment building that was purchased for $48 million from the previous owner’s lender at near-par value. This represents a discount from the previous trade in 2021.
The acquisition was financed with joint venture equity provided by Corten Real Estate and a loan from Benefit Street, who has been a long-time debt partner of Lynd’s. Located at 714 McCullough Ave., Augusta Flats is expected to be an excellent investment opportunity for all parties involved.
According to David Lynd, CEO of The Lynd Company: “We paid $185,000 per unit and estimate it would cost $225
