WASHINGTON, D.C.--JAIR LYNCH Development Partners announced it has acquired a portfolio of five affordable apartment communities in Washington, D.C.
The firm said it plans to make significant improvements to enhance and preserve the developments, which have a combined 482 homes, as part of its program to acquire, stabilize, and improve dated low-income housing tax credit-financed properties.
“We believe healthy and successful neighborhoods contain cross sections of all income levels,” said Jair K. Lynch, company president, in a statement. “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.”
The properties involved are the 105-unit Aspen Court, the 80-unit Brookland Park, the 160-unit Burke Park, the 78-unit Petworth Station Apartments, and the 59-unit Fort Stevens Hill.
Officials did not disclose the sales price.
The properties had been under the ownership and/or management of Hercules Real Estate Services in Virginia Beach, Va.
Washington, D.C.-based JAIR LYNCH is investing in the portfolio through a joint venture with MacFarlane Partners, a real estate investment management firm. The recent acquisition brings the venture portfolio’s size to more than $425 million in projects with more than 2,100 homes and 200,000 square feet of office space under management or in the pipeline. The venture is dedicated to acquiring and/or developing urban infill projects of $10 million to $60 million the greater D.C. area, including for-sale and rental multifamily, mixed-use commercial space, and select service hotels.
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 portfolio.