Jair Lynch and Nuveen Close Third Multi-Family Deal of 2020
Washington, DC– This week Jair Lynch Real Estate Partners, a leading real estate developer and owner in the DC metro area, announced the acquisition of the 408-unit Potomac Vista Apartments located in Woodbridge, VA. This asset is Jair Lynch’s second multi-family deal in Virginia and third in collaboration with Nuveen this year following the acquisition of the Berkdale Apartments in February and Villas at Langley in April.
All three transactions are a part of Jair Lynch’s attainable housing strategy that will build and/or preserve affordable and workforce housing throughout 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 Potomac Vista, the firm has invested 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 million. This strategy is deliberate in increasing the availability of housing for working families and individuals earning between $35,000 – $140,000 per year.
“Potomac Vista is located nearby several major Virginia employment centers, and directly benefits from the VRE expansion and Route 1 corridor improvements, providing easy commuter access to DC,” said Ulysses Auger, acquisitions manager at Jair Lynch. “Preserving this housing stock is a top priority for our venture with Nuveen to help the region stay competitive, attract top talent, and support the workforce that already lives here. We plan to improve Potomac Vista’s common area amenities and address other deferred maintenance, and to preserve affordability for the existing residents over the long term.”
“This deal meets a primary goal of our impact investing portfolio which is to secure real estate investment opportunities in which rents are affordable as part of our focus on achieving better outcomes for residents. Tenants should have access to quality housing and environments that facilitate leading 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 has expanded our real estate platform into the mid-Atlantic region, allowing us to invest in attractive properties in high-demand sub-markets.”
The firm continues to seek new acquisitions across all asset classes, including office, mixed-use, and land, and is on track to invest another $150 million in secured assets in the coming months.
JLL’s Brian Crivella and Walter Coker represented the seller in the deal. JLL also provided the acquisition financing to Jair Lynch and Nuveen.