For Immediate Release
Media Contact: Toniann Mendelzon
JAIR LYNCH AND NUVEEN ACQUIRE PHOENIX APARTMENTS IN PRINCE GEORGE’S COUNTY
The acquisition of Phoenix Apartments is Jair Lynch’s fourth with Nuveen Real Estate in the last 18 months in pursuit of Lynch’s $400 Million Attainable Housing Investment Goal.
Washington, D.C. – September 2, 2021 – Jair Lynch Real Estate Partners, a leading owner and developer of mixed-use properties and attainable housing in the DC metro area, announced this week the acquisition of the 463-unit Phoenix Apartments (“the Property”) located in Bladensburg, Maryland. This asset is Jair Lynch’s fourth multifamily deal to close in collaboration with Nuveen Real Estate in the last 18 months and comes on the heels of the firm’s 2020 acquisitions of Potomac Vista Apartments in June, Villas at Langley in April, and Berkdale Apartments in February.
All four transactions are part of Jair Lynch’s attainable housing strategy aimed at increasing and/or preserving affordable and workforce housing throughout the Mid-Atlantic region. In 2019, Jair Lynch launched its attainable housing strategy and now will exceed its goal to invest in assets totaling over $400 MM two years ahead of schedule. This strategy is aimed at deliberately increasing the availability of housing for working families and individuals earning between $35,000 – $140,000 per year.1 With the addition of this investment, Jair Lynch and Nuveen have now invested over $320 million toward this goal.
“We’ve seen a desperate need for this type of housing, not just within the District but also in the surrounding counties,” Phuc Tran, Jair Lynch’s Director of Investments, noted. “The goal is to protect affordability long term, and one way we accomplish this is by acquiring assets like Phoenix Apartments, quickly reaching out to residents, and establishing that partnership.”
Originally built in 1971, the Property sits atop 9.3 acres just off the Baltimore-Washington Parkway, within a ten-minute commute into the District, and within walking distance to amenities including a Walmart, neighborhood-serving retail, several schools, parks, and community centers.
Jair Lynch purchased the Property in an off-market transaction from Miami-based owner, Florida Value Partners, for $72.5 million. The Property is currently managed by The Donaldson Group. JLL is the Fannie Mae DUS lender for the project. Melnick Real Estate Advisors acted as buyer’s agent for this transaction.
“The acquisition of Phoenix Apartments represents another excellent step forward in our pursuit of preserving workforce housing in the region while ensuring longevity of the property for the families that currently reside there,” said Ulysses Auger, Director of Acquisitions at Jair Lynch. “We plan to improve Phoenix Apartments’ amenities, address outstanding deferred maintenance, and preserve affordability and quality of housing for the existing residents long-term.”
“Real estate is a core competency for both of our firms – we understand how to operate properties. Over the last year and a half, we have been hyper-focused on our tenants’ well-being, increasing access to technology and improving financial outcomes,” said Pamela West, Managing Director of Real Estate Impact Investing at Nuveen. “We are excited to continue our collaboration with Jair Lynch, who shares our vision to invest in properties in high-demand markets, while protecting and reimagining affordable housing.”
Jair Lynch continues to seek new acquisitions across all asset classes, including office, mixed-use, and land, and is on track to invest over $500 million in secured assets in the coming months.
About Jair Lynch Real Estate Partners
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 contribute to the company’s mission of creating extraordinary places. The firm has developed over 5.4 million square feet of real estate projects, currently has $1.6 billion of assets under management, and has a controlled pipeline of 3.7 million square feet valued at more than $1.6 billion. Visit www.jairlynch.com to learn more.
About Nuveen Real Estate
Nuveen Real Estate is one of the largest investment managers in the world with $134 billion of assets under management. Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing. With over 85 years of real estate investing experience and more than 620 employees* located across over 25 cities throughout the United States, Europe and Asia Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise.For further information, please visit us at nuveen.com/realestate
*Includes 300+ real estate investment professionals, supported by a further 310+ Nuveen employees. Source: Nuveen, 31 Mar 2021.
1Families of four in this range represent between 30% – 120% of the area median income of $117,200.