San Antonio real estate investor LYND has acquired Lakes of Margate, a 280-unit garden-style apartment community in Margate, Florida, for $50.75 million from Denver-based Grand Peaks.
The transaction closed on March 17. However, according to Constantine Scurtis, president of Lynd Acquisitions Group (LAG), the firm had the Margate property under contract last winter and was set to close around March 11, 2020, when the nation started shutting down due to the COVID-19 pandemic. As a result, LYND’s equity partner pulled out of the deal.
“LYND has a rich tradition of never giving up—whether it’s contacting 126 banks to finish a high-rise or working a deal for one year and six months—we do not know how to quit,” said “This is what happens when a buyer and seller are both rational and work toward a solution in turbulent times. I want to think the sellers, Grand Peaks, for sticking with us. It’s certainly one for the books.”
The Lakes of Margate, built in 1987, feature one-, two-, and three-bedroom units with wood-plank floors, custom white cabinetry, and energy-efficient appliances. Amenities include two pools, a clubhouse, a modern fitness studio, and a cybercafe. LYND plans on investing nearly $4 million to upgrade all units and common areas. Renovations will be focused around the evolving post-pandemic needs of residents, including enhanced open spaces and additional modern apartment features.
“We see an excellent opportunity to breathe new life into this property and make it the premier rental community in Margate,” said Scurtis. “The pandemic has accelerated both in-migration and capital’s desire to be in South Florida, where fundamentals remain strong.”
LYND has made $350 million in value-add acquisitions in the last 15 months, including this closing, and has approximately $500 million in the pipeline for 2021.
