October 6th, 2016
As reported by the Washington Business Journal, Jair Lynch completes its business plan on the Anthology apartments at 625 H Street, NE.
Jair Lynch Real Estate Partners has sold its newly built Anthology apartments along D.C.’s H Street NE corridor, more than five years after the developer made its first major acquisition in the emerging market.
The D.C.-based Jair Lynch sold the 307-unit apartment project to an affiliate of institutional investor Bentall Kennedy for $160 million in a deal that closed Wednesday, according to the D.C. Recorder of Deeds. Lynch, in a phone interview Thursday morning, Bentall Kennedy was one of more than 10 firms to submit bids. Eastdil Secured began marketing 625 H St. NE to prospective buyers in the spring.
Jair Lynch Real Estate Partners hadn’t planned to sell the Hord Coplan Macht-designed project but decided to test the market after receiving several unsolicited offers.
Bentall Kennedy plans to continue the branding and marketing campaign that Jair Lynch created for Anthology. The Class A development, which including a Starbucks and two restaurants, is assessed at $103.9 million and recently received its certificate of occupancy after two years of construction.
“The market has really reacted well to the product. It goes beyond just a standard Class-A apartment building,” Lynch said. “It’s continued affirmation that the emerging markets are growing and are maturing over time.”
The Anthology is Jair Lynch‘s largest multifamily development to date, though it has several other projects in the works including one by Nationals Park slated to include 430 units, and another at McMillan. Viewed in that light, Lynch said he believes Anthology can serve as the template for the type of development he wants to do more of in the future.
Anthology is the second major building sale for Jair Lynch Real Estate Partners in two months. In September, Berkshire Group paid $53.6 million for the 96-unit Berkshire15 by 15th and V streets NW, a project Jair Lynch developed with The Bozzuto Group. The pair had planned to sell the units individually as condos before deciding to seek buyers for the project as a whole. Berkshire plans to lease Berkshire15 as apartments.