A distressed multifamily property in San Antonio has been acquired by The Lynd Group and Declaration Partners, along with Corten Real Estate. The newly constructed 260-unit apartment building, named Augusta Flats, was purchased for $48 million from the previous owner’s lender at near-par value. This represents a discount from its previous trade in 2021. Benefit Street provided a loan for this deal and the property is located at 714 McCullough Ave.
According to David Lynd, CEO of The Lynd Group, they paid $185,000 per unit but estimate it would cost $225
