Jair Lynch Acquires Prince George's County Apartments For $66M As Part Of Attainable Housing Strategy
Jair Lynch Real Estate Partners has acquired a Prince George's County apartment property as part of its strategy to buy affordable and workforce housing.
The real estate firm acquired the 288-unit Plaza Towers apartments in Hyattsville for $65.8M from Angelo Gordon & Co. and Donaldson, Jair Lynch announced Thursday.
Transwestern's Dean Sigmon, Robin Williams, Justin Shay and Michael D'Amelio represented the seller in the deal. JLL's Jamie Leachman, Chris Hew, Amit Kakar and Carter Wroblewski arranged the acquisition financing for the buyer through a three-year, $50.1M loan.
Plaza Towers, located at the intersection of Belcrest Road and Toledo Terrace, was built in 1964 and partially renovated in 2019 and 2020. Jair Lynch said it plans to further renovate the building and gradually improve amenities, according to its press release.
The 6.7-acre property sits less than a mile from the Prince George's Plaza Metro station and will also be within walking distance of a Purple Line station once that light rail project is completed.
The acquisition is one of several the firm has made to increase and preserve housing for those earning between 30% and 120% of the area median income.
"We recognize the need for attainable and workforce housing both within and surrounding the District," Jair Lynch Director of Acquisitions Ulysses Auger said in the release. "The goal is to protect affordability long term while taking steps to improve residents' homes in the process."
Auger said the Plaza Towers deal means Jair Lynch will surpass its goal, first announced in 2019 and later expanded, to invest $400M in affordable and attainable housing ahead of schedule.
In March, Jair Lynch broke ground on a 129-unit senior housing development in Northwest D.C.'s Takoma neighborhood, which will be affordable for those earning 60% AMI and below. The project at 218 Vine St. NW received funding through the D.C. Housing Finance Agency and DHCD's Housing Production Trust Fund and was the first new development as part of Jair Lynch's affordable housing goal.
Other recent moves toward that goal include a $72.5M deal in September to acquire the Phoenix Apartments in Bladensburg from Miami-based Florida Value Partners through a partnership with Nuveen. Jair Lynch also partnered with Nuveen to acquire the Potomac Vista Apartments in Woodbridge for $82M from FCP in July 2020.
Jair Lynch is also moving forward with a plan to build 530 residential units next to The Wharf.
