Washington, DC– Jair Lynch Real Estate Partners, a leading real estate developer and owner in the DC metro area, announced this week a new strategy for the firm to grow its attainable housing portfolio in the DC region. In the next three years, the firm plans to invest over $200 million to build or acquire affordable and workforce housing by deploying equity from its separate account with the California State Teachers Retirement System, leveraging debt, and using public funding sources.
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 strategy builds upon the firm’s legacy of having developed or operated over 1,000 units of affordable housing over the past two decades.
“We’ve seen dramatic income inequality divide cities, and as people who shape the built environment, we’re in a position to act as community stewards and create places for people to prosper,” said Jair Lynch, founder and CEO. “We have deep experience building neighborhood assets and acting as a champion of community priorities—now, we’re ready to double down on our commitment to housing attainability.”
The first of these projects will be at 218 Vine St NW, Washington DC in the historic Takoma neighborhood. This $50 million project was recently awarded subsidy from the District Department of Housing and Community Development. The project will produce 121 units of affordable housing, including 24 permanent supportive housing units, serving individuals and families transitioning from homelessness and making no more than $35,160 (30% median family income). The project received $12 million from the Housing Production Trust Fund and $11 million in 9% LIHTC equity and was one of only 11 proposal selected for further underwriting.
Phuc Tran, Director of Investments, commented, “218 Vine complements our recent acquisition of the Class A Takoma Central apartments just down the street, and between the two projects, exemplifies our commitment to building communities for people of all incomes. We work hard to not just develop and preserve these diverse housing units, but also to improve the lives of residents and the neighborhood.”
218 Vine will proceed to the underwriting stage and should begin construction in Q1 2020. The project will join Jair Lynch’s pipeline of over 2.3 million square feet of development in progress valued at more than $1 billion.
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 neighborhoods connected to the soul of a place. The firm has developed over 4.2 million square feet of real estate projects valued at over $1 billion, with a future pipeline of 2.3 million square feet in progress valued at more than $1 billion. Visit jairlynch.com to learn more about the company.
 Families of four in this range represent between 30% – 120% of the area median income of $117,200.