Washington, DC– Jair Lynch Real Estate Partners (“Jair Lynch”), a leading real estate developer and owner in the DC metro area announced this week the acquisition of Berkdale Apartments in Herndon, Virginia. This is the most recent acquisition as part of Jair Lynch’s attainable housing strategy that will build and/or preserve affordable and workforce housing in the Mid-Atlantic region. Jair Lynch announced in early 2019 an intent to invest $200 million in this product type over three years; with the acquisition of Berkdale, the firm is on track to invest over $200 million in secured assets in the first half of 2020 alone. As a result of the immense need for this type of housing, Jair Lynch is expanding its strategy to $400 MM along with its existing partner the California State Teachers Retirement System (“CalSTRS”) and in collaboration with Nuveen.
While the firm continues to seek new acquisitions across all asset classes, including office, mixed-use, and neighborhood assets, this strategy will be deliberate in increasing the availability of housing for working families and individuals earning between $35,000 – $140,000 per year.
“The expansion of this strategy with Nuveen is important to us and the region. By building and/or preserving attainable housing near transit the region will stay competitive, attract top talent, and support the workforce that already lives here,” said Jair K. Lynch, founder and CEO. “Berkdale Apartments is in the path of development along the Silver Line, and thus preserving this housing stock for the long term despite short term uncertainties is a top priority for our venture with Nuveen.”
“Nuveen seeks real estate investment opportunities in which rents are affordable as part of our focus on achieving better outcomes for residents. Tenants should feel safe in environments that allow them to lead healthier lives while ensuring that the majority of their income is available to pay for essentials other than rent,” said Pamela West, senior director of private markets impact investing at Nuveen. “Our collaboration with Jair Lynch, a firm with an existing portfolio and strong track record, has allowed us to invest in attractive properties in high-demand markets that offer steady cash flows.”
Berkdale is a 184-unit garden apartment complex located at 661 Dulles Park Ct. in Herndon, Virginia. Comprised of mostly family-sized units, the property is within easy distance of the DC area’s largest employment centers, and adjacent to neighborhood amenities such as grocery, restaurants, and banks. Jair Lynch intends to improve the common area amenities and address other deferred maintenance, and plans to preserve affordability for the existing residents over the long term.
Jair Lynch Real Estate Partners is a leading real estate investment and development firm in the metropolitan DC market that specializes in the thoughtful transformation of walkable urban places. Founded in 1998, Jair Lynch has acquired, developed, and operated a portfolio of residential, commercial, and neighborhood assets that create extraordinary places. The firm has developed over 4.2 million square feet of real estate projects valued at over $1 billion, with an existing portfolio and pipeline of 3.7 million square feet valued at more than $1.8 billion. Visit jairlynch.com to learn more about the company.
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has more than $1.1 trillion in assets under management as of 31 December 2019 and operations in 24 countries. Its affiliates offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit nuveen.com.
 Families of four in this range represent between 30% – 120% of the area median income of $117,200.