Preserving Affordability in 482 Homes Across Five Communities
WASHINGTON, D.C., (December 5, 2011)JAIR LYNCH Development Partners (JAIR LYNCH) today announced it has acquired a portfolio of five multifamily apartments communities across Washington, D.C.
“Each of the five communities is located in dynamic up-and-coming transit-oriented sites with access to amenities and active neighborhood development and investment,” says Jair K. Lynch, company president. The five apartment communities consist of Aspen Court, 105 homes at 6676 Georgia Ave., NW; Brookland Park, 80 homes at 617 Hamlin St., NE; Burke Park, 160 homes at 1111 Mass. Ave., NW; Petworth Station, 78 homes at 930 Randolph St., NW; and Fort Stevens Hill, 59 homes at 1339 Ft. Stevens Dr. NW. The communities target young professionals and families with incomes not exceeding $43,000 - $64,000 respectively.
The acquisition allows JAIR LYNCH to preserve 482 affordable homes in neighborhoods that are experiencing an uptick in market rate developments and increasing property values but have a dearth of new construction starts for affordable housing. The company plans to make significant quality of life improvements to enhance each of the communities as part of its program to acquire, stabilize and improve dated tax credit financed properties.
“We believe healthy and successful neighborhoods contain cross sections of all income levels. Investing in affordable housing is integral to our holistic approach to urban regeneration so neighborhoods can thrive and new prosperity can be shared by all,” added Lynch.
Throughout the acquisition process, JAIR LYNCH worked diligently with each of the five communities’ individual tenant associations and their respective attorneys as part of the District’s Tenant Opportunity to Purchase Act (“TOPA”).
JAIR LYNCH Development Partners is investing in this portfolio (“Regenesis Portfolio”) through a joint venture with MacFarlane Partners, a real estate investment management firm that specializes in properties that promote placemaking through smart growth, urban revitalization and sustainability. The recent acquisition brings the venture’s portfolio size to over $425 million in projects with over 2,100 homes and 200,000 square feet of office under management or in the pipeline. 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, mixed-use commercial space and select service hotels. Targeted investment types are value-add, opportunistic and ground-up development.
Jones Lang LaSalle arranged the acquisition loan provided by Enterprise Community Investment, Inc. Saul Ewing executed the transaction and Kettler Management will serve as the new property manager for the full portfolio of communities.
About JAIR LYNCH Development Partners
JAIR LYNCH Development Partners is an urban regeneration company that specializes in the responsible transformation of urban markets. The firm combines social responsibility with thoughtful economic development on a long term basis, towards a goal of creating lasting impact and extraordinary neighborhoods. JAIR LYNCH is committed to empowering people, developing place and creating prosperity for everyone. Since it was founded in 1998, JAIR LYNCH has completed a development portfolio valued at nearly $370 million. This includes over 1.65 million square feet of residential, commercial and institutional developments including the first certified LEED® Silver and Gold municipal facilities as well as the first LEED® Neighborhood Development condominium in the District of Columbia. Visit www.jairlynch.com to learn more about the company.