The 587-unit multifamily property is Jair Lynch’s seventh acquisition with Nuveen Real Estate.
WASHINGTON, May 24, 2022 /PRNewswire/ — Jair Lynch Real Estate Partners (“Jair Lynch”), a leading owner and developer of mixed-use properties and attainable housing in the Mid-Atlantic region, and Nuveen Real Estate (“Nuveen”), one of the largest real estate managers globally with $152 billion of assets under management, today announced their acquisition of Bedford Station and Victoria Station, a 587-unit garden-style naturally occurring affordable housing community in Langley Park, Maryland (the “Property”). The 23-acre Property presents another opportunity for Jair Lynch and Nuveen to preserve housing affordability in Prince George’s County long-term while advancing their shared goals of uplifting and revitalizing communities through their investment in high-quality, sustainable neighborhood assets. Together, Jair Lynch and Nuveen have made six other significant impact investments in the DMV in pursuit of those goals.
Originally constructed in 1950, the Property consists of 35 two-story and three-story garden-style buildings located in the heart of Langley Park, an emerging market in the DC region. Conveniently situated near the University of Maryland, Downtown Hyattsville, and with strong neighborhood-serving retail including Safeway, Target, and various dining options, the residents of Bedford and Victoria Station enjoy easy access to major job nodes at the University of Maryland, Silver Spring, Bethesda, and DC.
Residents also stand to benefit from one of the most highly anticipated public works projects in the region, the Purple Line, which will provide connection to jobs, health services, and educational opportunities with more ease than ever before. Spanning from Bethesda to New Carrollton, the Purple Line will link several of Montgomery County’s and Prince George’s County’s largest job centers, including downtown Bethesda, Silver Spring, and University of Maryland, as well as provide connectivity to the larger regional Metro transit network and Amtrak. Two future Purple Line entrances will be located within one quarter mile from the Property and are expected to be complete in 2026.
“With the upcoming addition of the Purple Line offering unbeatable access across the region, we’re pleased with the opportunity to preserve a large offering of attainable housing for essential workers and their families who have long called this neighborhood home,” said Ulysses Auger, Director of Acquisitions for Jair Lynch.
Plans for the Property include immediate capital improvements, in-unit renovations, and the introduction of a new property management company, while a heavy focus will be placed on long-term plans to improve the Property’s impact on the environment, the surrounding community, and its residents. Green features including updated water and energy efficiency measures, LED lighting upgrades, sustainable landscaping plans, improved recycling and trash removal practices, and more will be implemented and/or installed as Property renovations progress. Jair Lynch and Nuveen also intend to employ Inclusive Hiring practices to promote the hiring of low-income residents and businesses operated by Bedford and Victoria Station residents to ultimately provide employment, job training, and subcontracting opportunities.
“Bedford and Victoria Station is an example of Nuveen’s continued commitment to preserving affordable housing and supporting tenant well-being through sustainable improvements and implementing resident services,” said Mike Gilmartin, Senior Director of Impact Investing for Nuveen Real Estate. “We look forward to executing the business plan with Jair Lynch.”
Jair Lynch’s purchase of the property is another successful endeavor of the Prince George’s County’s Right of First Refusal program.
“With over 500 naturally occurring affordable apartment homes, Bedford and Victoria Station represents a significant opportunity to preserve housing affordability in Prince George’s County,” said Prince George’s County Executive Angela Alsobrooks. “Jair Lynch is a mission-driven organization with a commitment toward preserving attainable housing in the region and a dedication to improving residents’ quality of life, as we’ve seen accomplished at their neighboring Villas at Langley. We’re looking forward to watching Bedford & Victoria Station undergo immediate and long-term capital improvements to ultimately improve the quality of life for our valued Prince George’s County residents.”
Transwestern served as the seller’s broker in this transaction. CBRE served as purchaser’s financial advisor, and Nixon Peabody served as transaction counsel for purchaser.