ARLINGTON, VA, December 6, 2010
-- The Abingdon House, an 82-unit rental apartment building located at 815 18th Street, S. in Arlington, VA, was purchased by JAIR LYNCH Development Partners (JAIR LYNCH)
on November 30, 2010.
The Abingdon House is located in the Northern Virginia submarket of Pentagon City. The property is within a ten minute walk of Pentagon Row and Crystal City and their respective Metrorail stations.
"We thought this was an excellent opportunity to expand into Northern Virginia into a very strong submarket with great market fundamentals." said Jair K. Lynch, President. "Abingdon House represented the type of value-add deals our company is actively looking for – transit-oriented developments in walkable urban neighborhoods."
The acquisition was completed through a joint venture between JAIR LYNCH and MacFarlane Partners Investment Management. The venture is dedicated to acquiring and/or developing urban infill projects of $10 to $60 million in the greater Washington D.C. area, including for sale and for lease multifamily housing up to 250 units; mixed use; and commercial space up to 250,000 square feet. Targeted investment types are value add, opportunistic and new development. The business plan backed by a fully committed $120 million equity fund that is projected to leverage $350 million in investment activity.
The deal was executed in 75 days from contract to closing. The Prudential Mortgage Capital Company originated an acquisition loan provided by Freddie Mac. Saul Ewing executed the transaction and Kettler Management will serve as the new property manager for the community. Grubb & Ellis brokered the deal on behalf of the seller.