SAN ANTONIO, TX - Lynd Development Group, a division of Texas-based Lynd Group, has closed on a $66 million loan to develop a build-to-rent (BTR) community in suburban Chicago. The announcement comes as Lynd unveils its new “HOME By Lynd Living” brand that will be used for all its BTR communities nationwide.
Lynd Development is building a 179-unit townhome project in Oswego, Illinois at 137 Dorset Avenue. It will feature a mix of 2-and-3 -bedroom units between 1,559 and 1,747 square feet with rents starting at $2,700 a month. This project, and one in suburban Houston, will be the first to adopt the HOME brand, created in partnership with T.R.Inscore, which aims to deliver exceptional resident experiences.
“Lynd still believes the build-to-rent space has plenty of legs as 45% of all renters desire to own a home but cannot afford one,” said A. David Lynd, CEO of The Lynd Group. “Climbing interest rates have made the dream of ownership even farther out of grasp. Increasing prices and rates are pushing more renters to choose single-family rental communities as they seek to fulfill their desired need for housing.”
The goal of HOME is to give residents an elevated, concierge lifestyle that takes the hassle out of single-family home living, while reaping the benefits. All of Lynd’s BTR projects will be built to meet the specific needs of any given community, but all will offer some component of the brand’s four pillars: Health, productivity, connection and exploration.
All homes will be designed with premium finishes and modern amenities, such as smart home technology, fitness centers and gathering places for residents to socialize with one another. The technology package that will be delivered will have all the cutting-edge conveniences like doorbell cameras, automated door locks and remote thermostat controls.
In Waller, Texas, Lynd is partnering with Inscore to develop 118, two-bedroom residences ranging in size from 1,436 to 1,653 square feet. Each home will have a private patio and fenced backyard, granite countertops and stainless-steel appliances and a large walk-in closet. Community amenities include a gated entrance, pool, clubhouse, fitness center, covered parking, BBQ grills and an outdoor double-sided fireplace. Rents start at $1,600 per month.
“Single-family rentals deliver certain features that conventional apartments will never be able to duplicate-- low density, limited neighbors above and below, generous backyard space and a traditional sense of community,” said Ron Inscore, a partner in the HOME brand.
Those who rent in Oswego will also have a fenced-in backyard and private patio, basement, two-car garage and have access to a clubhouse, fitness area, pool, grilling area private offices and outdoor spots for games and other social activities.
“Being from the Chicagoland area, I am proud to bring Lynd’s brand of single-family rentals to Oswego,” said Anthony Tiritilli, president of Lynd Development. “We are going to deliver state-of-the-art rental options for single-family homes to a region that is much in need. We believe that the product will be well received.”
Construction is underway in Waller with the first homes set to be delivered in the fourth quarter of 2022. Homes in Oswego should be delivered approximately a year later.
“Our advantage will be the sense of community that we create through our Lynd Living experience,” David Lynd said. “This will include holiday parties, resident DJ at the pool, work-out classes and other engaging activities. We are not just offering renters a single-family home live in, but a lifestyle to go with it.”
Lynd has approximately $1.67 billion worth of BTR projects in the pipeline in 16 cities throughout Texas and Illinois, comprising 4,865 units. It is actively capitalizing this vertical. The company is targeting high-growth areas in the Southeast U.S. for new opportunities.