Jair Lynch Real Estate Partners (“Jair Lynch”), a leading owner and developer of mixed-use properties and attainable housing in the DC metro area and Nuveen Real Estate, one of the largest real estate managers globally with $144 billion of assets under management today announced their acquisition of Fields at Cascades (“Property”) in Loudoun County, Virginia. With this acquisition, and the support of partners like Nuveen, Jair Lynch has now invested over $1 billion in its attainable housing strategy. Established in 2019, the attainable housing strategy is aimed at increasing and/or preserving affordable and workforce housing throughout the Mid-Atlantic region for working families earning between 30% – 120% of the area median income (“AMI”). The acquisition of Fields at Cascades follows a series of four recent deal closures for Jair Lynch at the end of 2021.
Located in Sterling, Virginia, the 18.5-acre property currently hosts 12 three-story and four-story garden style apartment buildings containing 320 total units as well as a one-story clubhouse. Originally placed into service in 1995, the property is in excellent condition despite its vintage and includes amenities such as a clubhouse, courtyard, pool, fitness center, tennis court, barbeque and picnic areas, Amazon package lockers, and a playground. With proximity to major employment centers at Herndon, Reston, and Tyson’s Corner, the Property also enjoys the convenience of adjacent retail and grocery options including Costco, Target, Harris Teeter, and a plethora of dining options. Residents also stand to benefit from the Innovation Centro Silver Line Metro station which is located 15 minutes from the Property and currently scheduled to open in 2022. Jair Lynch and Nuveen intend to address all deferred maintenance in the immediate term.
“We’re extremely pleased to introduce ourselves to the Loudoun County market,” said Phuc Tran, Director of Investments for Jair Lynch Real Estate Partners. “With Loudoun County being named the second-fastest growing county in the U.S. in 2021, and with its proximity to major job nodes in and around the DC region, we’re thrilled for the opportunity to preserve a large number of housing units for workforce families in such a booming environment.”
Jair Lynch and Nuveen acquired the Property from FCP® and Kettler through a publicly marketed and competitive sales process brokered by CBRE. This is the second purchase Jair Lynch and Nuveen have made from FCP®, the most recent of which being Potomac Vista Apartments in Woodbridge, Virginia in June 2020.
“Our business plan intentionally maintains long-term affordability for the residents in this high-growth corridor even as rent restrictions expire,” said Pamela West, Managing Director of Impact Investing at Nuveen Real Estate. “Focusing on the tenant first and providing quality housing and services with measurable positive outcomes is at the core of our strategy and will have significant impact in this community.”
Kettler will remain as property manager for Fields at Cascades. Nixon Peabody served as transaction counsel.