Winlynd, a joint venture between Windy City RE and Lynd Opportunity Partners, bought 1,031 apartments located in the Florida Panhandle. The JV bought the units out of foreclosure for a total of $35.68m from the Bank of Oklahoma, which held six separate auctions. Winlynd won three of the auctions and acquired a fourth portfolio from a competing bidder who won the first auction. The apartments are located in Escambia, Okaloosa and Santa Rosa counties. The Lynd Company will manage the apartments.
“We are happy to partner with Windy City RE on this acquisition,” said A. David Lynd, CEO of Lynd and Lynd Opportunity Partners. “Winning this type of deal at our basis is rare in today’s market where good deals are scarce. The plan is to rehabilitate the assets, improve operations and position them for sale. The execution strategy is our core competency.”
