Clarkston Station and Woodside Village are Jair Lynch’s first acquisition with Nuveen Real Estate in the Atlanta market
WASHINGTON, Aug. 3, 2022 /PRNewswire/ — Jair Lynch Real Estate Partners (“Jair Lynch”), a leading owner and developer of mixed-use properties and attainable housing, and Nuveen Real Estate (“Nuveen”), one of the largest real estate managers globally with $152 billion of assets under management, announced this week the acquisition of two multifamily residential communities in the Clarkston submarket of Atlanta – Clarkston Station and Woodside Village (the “Properties”). The acquisition 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 over 700 units of housing while advancing their shared goals of uplifting and revitalizing communities through their investment in high-quality, sustainable neighborhood assets.
“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. “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 acquisition encompasses Clarkston Station, a 356-unit community, and Woodside Village, a 360-unit community. The Properties currently operate under the Section 42 Low-Income Housing Tax Credit (“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% Area Median Income (“AMI”) for at least the next 12-14 years.
With convenient access to employment hubs along the Clifton Corridor and Emory’s upcoming $1 billion Executive Park Redevelopment project, residents of both properties enjoy access to public transit, major retailers including Publix, The Home Depot, Northlake Mall, and many local and immigrant-owned businesses. Residents will also benefit from the highly anticipated $10 million Metropolitan Atlanta Rapid Transit Authority (MARTA) Clifton Corridor expansion, which will bring 11 additional stations to the Clarkston-Decatur area, increasing connectivity to jobs, education, health services, and retail throughout the greater Atlanta area.
Jair Lynch and Nuveen plan to introduce Cushman and Wakefield as the new property management company with a specific focus on resident services and community programming. 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 Real Estate. “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 attainable housing strategy aims to increase and preserve attainable housing for individuals and families earning between 30% and 120% of the area median income (“AMI”). With the addition of Clarkston Station and Woodside Village, Jair Lynch has now invested over $1.3 billion toward this initiative.
Paul Vetter of Berkadia served as seller’s broker. Nixon Peabody served as purchaser’s transaction counsel. CBRE provided financing for the transaction.