Jair Lynch Real Estate Partners Closes Acquisition of Barcroft Apartments in Virginia, USA.
MANews-(C)2009-2022
US-based Jair Lynch Real Estate Partners, an owner and developer of mixed-use properties and attainable housing in the DC metro area, has acquired Barcroft Apartments in Arlington, Virginia, the firm said.
Barcroft Apartments is a 1,334-unit, garden style apartment complex located along Columbia Pike.
Jair Lynch purchased the 60-acre site, including two commercial parcels with 34,000 square feet of retail from the DeLashmutt family who built the complex in 1939 and have owned it since.
Jair Lynch purchased the naturally occurring affordable housing complex, also known as market-rate affordable housing, as part of its broader initiative to preserve and/or increase affordable and workforce housing throughout the Mid-Atlantic region.
With the addition of this acquisition, Jair Lynch has now invested over USD900 m in its attainable housing initiative that was launched in 2019.
The strategic initiative is aimed at increasing and/or preserving affordable and workforce housing throughout the Mid-Atlantic region for working families and individuals earning between 30% - 120% of the area median income.
This investment was supported by the Amazon Housing Equity Fund, a more than USD 2bn commitment to create and preserve affordable housing in Amazon's hometown communities, and Arlington County who have collectively committed to providing USD 310m in immediately available acquisitions financing to create a public-private partnership for a reimagined Barcroft neighborhood.
This new partnership will help Jair Lynch ensure that 1,334 units will remain affordable with rents up to 60% Area Median Income for 99 years.
On Tuesday, December 14th, the Arlington County Board committed to a loan of USD 150m in support of Jair Lynch's acquisition of the property.
In addition, Amazon committed USD 160m in a low-rate loan from the Amazon Housing Equity Fund to support the preservation of the neighborhood's long-standing affordability.
The County's and Amazon's funding will also support Jair Lynch in addressing immediate repairs, adding amenities, making property upgrades, and taking steps to improve the residents' overall living environment.
A new property management company, Gates Hudson, will begin its transition onto the property in the coming days.
Jair Lynch said it selected Gates Hudson to manage Barcroft Apartments due to their depth of experience in...
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