Washington, D.C., September 12, 2018 — Jair Lynch Real Estate Partners (“Jair Lynch”) announces today an expansion of its existing asset portfolio with the acquisition of Takoma Central (www.takomacentral.com), a 150-unit Class A rental community with 10,000 square feet of retail located at 235 Carroll Street NW, Washington, DC. Jair Lynch and Artemis Real Estate Partners purchase the asset on August 29, 2018.
Takoma Central was originally developed by Level 2 Development and FCP and delivered in 2014. The community is fully stabilized but Jair Lynch expects to make incremental improvements to common areas, some of the units, and the retail. Current retail tenants include Busboys and Poets, Wells Fargo, Yoga Heights, and S&A Beads.
“We have been seeking well-located acquisitions in high-barrier locations where we can apply our asset management expertise,” said Jair K. Lynch, company president. “In an effort to balance the portfolio between opportunistic and stable existing assets, Takoma Central is part of a placed-based strategy that ensures we can grow our footprint in that market over time.”
“This asset will be a good complement to the other multifamily assets we are currently developing throughout the region,” said Phuc Tran, Investment Manager at Jair Lynch and lead on the transaction.
The acquisition was completed through a joint venture between Jair Lynch and Artemis Real Estate Partners. The venture is dedicated to acquiring core and core plus assets in walkable urban places in the Mid Atlantic.
Debt was provided by Webster Bank. Katten Muchin Rosenman and Saul Ewing served as counsel, and Greystar Management will serve as the new property manager for the community. Eastdil Secured helped secure financing for the acquisition. Eisen and Rome represented the Takoma Central Tenants Association.
About Jair Lynch Real Estate Partners
Jair Lynch creates extraordinary places through the development, acquisition, and ownership of superior office, residential and retail properties in walkable urban places in the Washington, DC Mid-Atlantic region. Founded in 1998, Jair Lynch has developed 4.3 million square feet of housing, office, retail and institutional real estate projects valued at over $1 billion. Jair Lynch’s active development projects include office at 609 H St NE, multifamily at 2601 16th Street NW (âme) and 1250 Half St SE, and retail at 3200 Pennsylvania SE. Please visit www.jairlynch.com to learn more about the company.
Artemis Real Estate Partners is an investment fund manager based in Washington DC, New York City, Los Angeles and Atlanta. Artemis manages approximately $4.0 billion of discretionary capital on behalf of institutional investors across value-add, opportunistic, and enhanced core strategies. The firm makes both equity and debt investments across the domestic United States, with a focus on apartments, office, industrial, retail, hotel, and senior housing. Artemis specializes in joint venture partnerships and direct investments. More information can be found at www.artemisrep.com.