Jair Lynch Real Estate Partners and Nuveen Real Estate recently announced the acquisition of two low-income housing tax credit (LIHTC) communities in the Clarkston submarket of Atlanta. Terms of the deal were not disclosed.
The acquisition of Clarkston Station and Woodside Village marks Jair Lynch's entrance into the Atlanta market as part of a larger expansion throughout the Southeast. The deals present an opportunity for Jair Lynch and Nuveen to improve and preserve more than 700 housing units while advancing their shared goals of uplifting and revitalizing communities through their investment in high-quality, sustainable neighborhood assets, announced the firms.
"With an incredibly diverse economy, a growing population, and job growth that continues to outpace the national average, Atlanta's demand for high-quality, affordable housing will continue to rise," said Ulysses Auger, director of acquisitions for Jair Lynch, a Washington, D.C.-based developer and owner of mixed-use properties and attainable housing. "As an investor dedicated to preserving and increasing housing for working families and individuals, we look forward to meeting this important need and to making a positive impact throughout the region. This is just the start.”
The properties were purchased from the same seller.
The 356-unit Clarkston Station and the 360-unit Woodside Village properties operate under the LIHTC program, with affordability restrictions through 2034 and 2036, respectively. As such, a collective 95% of the units will continue to serve individuals and families earning up to 60% of the area median income for at least the next 12 to 14 years.
Jair Lynch and Nuveen plan to introduce Cushman & Wakefield as the new property management company with a specific focus on resident services and community programming, according to an announcement. As part of the business plan, they will address deferred maintenance and execute capital improvements including in-unit updates and upgrades to outdoor amenities including the clubhouses, playground equipment, grill stations, dog parks, and sustainable landscaping. Additional investment is also planned to improve the properties' safety and security, including the addition of new lighting, gated front entrances, security cameras, and patrol services.
"Clarkston Station and Woodside Village are home to a large community of hardworking individuals and families, including essential workers, first responders, educators, and more, who deserve quality, attainable housing options," said Mike Gilmartin, senior director of impact investing for Nuveen, one of the largest real estate managers globally with $152 billion of assets under management. "We're proud to support resident well-being through sustainable improvements and robust resident services, and we look forward to executing the business plan with Jair Lynch."
Jair Lynch's strategy aims to increase and preserve attainable housing for individuals and families earning between 30% and 120% of the area median income. With the addition of Clarkston Station and Woodside Village, Jair Lynch has invested over $1.3 billion toward this initiative.
Paul Vetter of Berkadia served as the seller's broker. Nixon Peabody served as the purchaser's transaction counsel. CBRE provided financing for the transaction.
