The Class A multifamily property is Jair Lynch’s fifth acquisition with Nuveen in the last two years.
April 18, 2022 – Jair Lynch Real Estate Partners, a leading owner and developer of mixed-use properties and attainable housing in the Mid-Atlantic region, and Nuveen Real Estate, one of the largest real estate managers globally with $152billion of assets under management, today announced their acquisition Jamison at Dakota Crossing, a 236-unit three-year-old Class A apartment community in Northeast DC. The Property currently offers both market-rate and affordable housing and presents a unique opportunity for Jair Lynch and Nuveen to preserve affordability in the area while operating at Class A standards. It is the first acquisition in the District for Jair Lynch and Nuveen together after acquiring five other assets throughout the DMV with a total value of $425 million.
Built in 2019, the Property sits atop 4.2 acres of land in the larger Fort Lincoln neighborhood, owned for generations by the Hagans family, along a major commuter corridor with strong adjacent retail and dining options, including Costco and Lowes. Jair Lynch and Nuveen intend to introduce a new property management company, Winn Residential, and enhance the dynamic mixed income nature of the Property by continuing to offer market-rate apartment homes alongside those for housing Choice Voucher Program andInclusionary Zoning residents.
“We believe that mixed income communities provide opportunities for upward mobility of their residents and that is a major pillar of what our firm aims to achieve in the communities we serve,” said Phuc D. Tran, Director of Investments for Jair Lynch. “Jamison at Dakota Crossing presents us with a unique opportunity to preserve partial affordability of the Property while fostering a true mixed income community in highly amenitized neighborhood with great regional transportation access.”
“Our investors are seeking sustainable assets with long-term social impact. Jamison at Dakota Crossing provides an excellent opportunity to convert traditional housing into impact housing addressable for all-incomes in this neighborhood. As long-term owners, the services we implement for the tenants, along with green improvements, will have positive and measurable outcomes for both the people and the planet,” said Pamela West, Managing Director, Real Estate Impact Investing at Nuveen.
Jair Lynch and Nuveen purchased the Property from a joint venture including Fort Lincoln New Town Corporation, The Concordia Group, and Buvermo Investments, Inc. Eastdil Secured served as the Seller’s broker in this transaction. CBRE served as the Fannie Mae DUS lender.