By Tristan Navera, September 9, 2021 – 11:00 am
A Prince George’s County apartment complex is new ownership.
Jair Lynch Real Estate Partners, in partnership with Nuveen Real Estate, has acquired the 463-unit Phoenix Apartments for $72.5 million, the companies said in a statement. Miami-based Florida Value Partners was the seller of the complex, located at 5802 Annapolis Road in Bladensburg.
The property, built in 1971 on 9.3 acres immediately west of the Baltimore-Washington Parkway, offers one- and two-bedroom units renting for $1,099 to $1,665 a month. A Jair Lynch official said the acquisition fits into its strategy to buy and hold “attainable” housing targeted to families and individuals who earn 30% to 120% of the area median income — up to $117,200 a year for a family of four.
“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, said in the statement. “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.”
Ulysses Auger, acquisitions manager at Jair Lynch, said the company will invest in outstanding deferred maintenance and upgrade amenities for the building. But the goal is to preserve affordability over the long term.
Jair Lynch and Chicago-based Nuveen have teamed up to buy four properties in the past year and a half totaling $320 million — they also acquired the 408-unit Potomac Vista Apartments in Woodbridge, 590-unit Villas at Langley in Adelphi and 184-unit Berkdale Apartments in Herndon. In 2019, Jair Lynch had launched a plan to invest in $400 million of attainable housing. It is going to surpass that number two years ahead of schedule.