Texas-based real estate firm LYND acquired Parc Place, a 234-unit apartment community in Miami Gardens, Florida, for $40 million.
This is the second purchase by LYND in South Florida this year which is a 280-unit, garden-style apartment community in Margate for just over $50 million.
LYND CEO David Lynd stated that the kind of population growth clearly drives up prices and affordability and they really like South Florida because of the supply and demand balance, and the fact that people want to move there because it’s highly profitable.
The garden-style community, located at 17600 NW 5th Avenue, holds one, two, and three-bedroom units.
LYND plans to spend $2.5 million to refurbish the living spaces and common areas and to enhance the gym equipment, pool area, open-air grilling stations, and add modern amenities.