SAN ANTONIO, TX - One of San Antonio's largest multifamily management firms is diversifying its platform of services. The Lynd Co. has acquired a 50 percent stake in Easton Management — the property-management division of Doral, Fla.-based real estate firm The Easton Group. Going forward, the firm will be known as Easton Lynd Management, and it will be a subsidiary of The Lynd Co.
Easton Lynd will offer third-party commercial property management services for industrial and office properties in not only Florida, but 13 other states in which Lynd has a presence — including Texas.
The acquisition comes a little over a month after The Lynd Co. assumed management control of some 7 million square feet of commercial assets developed and managed by The Easton Group — primarily industrial properties, including some warehouse assets.
With the formation of Easton Lynd Management, The Lynd Co. is now "two thirds on its way toward creating a full-service management platform" for industrial, office, retail, condominiums and apartments, says David Lynd, president and chief operating officer of The Lynd Co.
"This was the next step in our expansion plan, both in asset class and geographic location," Lynd adds. "Since we wanted to enter the Florida market in a big way, partnering with Easton Management accomplished both goals in one transaction."
The Lynd Co. currently manages 35,000 apartment units — primarily in Texas and the Southeast U.S. The company took the top spot in the Business Journal's 2008 list of Largest Apartment Management Firms — with a local management portfolio of 7,826 multifamily units. The firm manages 36 properties in San Antonio — of which it owns 14. Representative communities include Northwest Side communities Chapel Ridge Presidio at the Landmark.
Source: San Antonio Business Journal