Jair Lynch purchased Petworth Place as part of a five property affordable, tax credit portfolio in Washington, D.C. The “Regenesis Portfolio” was in the 12th year of its 15 year federal tax credit compliance period, during which the property must remain affordable to families earning less than 60% of Area Median Income. Jair Lynch worked with the Tenant Association of Petworth Place to jointly develop an acquisition, operation, and rehabilitation plan for the property. The plan centered around tenant in-place renovations that included upgrades to common areas, building systems, and resident units. The rehabilitation plan was completed with 12 months of Jair Lynch taking ownership.
Jair Lynch completed its business plan and worked with the Tenant Association to sell the property to a new owner to preserve the affordable housing and continue to improve the asset in 2017. The new owner has a significant affordable housing portfolio and is well respected in the Washington, D.C. region.