One multifamily housing management company has decided to get in while the gettin’s good.
Lynd, a family-owned, national real estate firm co-based in Miami, Fla., and San Antonio, Texas, recently created a student housing division to serve a market that has grown steadily nationwide despite the economic downturn.
The division, Lynd Student Living, was launched this year with an aggregate purchase of 18 communities for $100 million in cash. The communities were purchased across 15 colleges and universities in seven states and total 7,900 beds.
“This business has excellent fundamentals behind it because having a college education is a must to compete in today’s world,” says A. David Lynd, President and COO for Lynd, according to a press release. “We got involved in student housing because we saw tremendous opportunities coming due to the leverage levels of many assets.”
As part of Lynd Student Living’s marketing efforts, the division hosted two summer parties in Tallahassee, Fla., to showcase a remodeled community with a new game room and updated weight room. More than 3,000 people attended each event.Lynd says his company is seeking additional opportunities in increase its presence in the student housing sector.
“We got involved in student housing because we saw tremendous opportunities coming due to the leverage levels of many assets.”
–David Lynd, President and COO, Lynd