JAIR LYNCH REAL ESTATE PARTNERS COMPLETES ACQUISITION OF BARCROFT APARTMENTS WITH BACKING BY AMAZON & ARLINGTON COUNTY
WASHINGTON, December 30, 2021 / PRNewswire / – Jair Lynch Real Estate Partners (“Jair Lynch“), a leading owner and developer of mixed-use real estate and habitable homes in the greater DC area, today announced the acquisition of Barcroft Apartments, the 1,334-unit garden-style apartment complex on Columbia Pike, Arlington, Virginia. Jair Lynch bought the 60 acre site, including two commercial lots with 34,000 square feet of retail space, from the DeLashmutt family, who built the complex in 1939 and have owned it since then. Jair Lynch bought the naturally occurring affordable housing complex, also known as Marketable Affordable Housing, as part of its broader initiative to maintain and / or expand affordable housing for workers across the Mid-Atlantic region.
With this acquisition Jair Lynch has over invested now $ 900 million in their initiative for accessible living space, launched in 2019. The strategic initiative aims to increase and / or maintain affordable housing and workforce housing across the Mid-Atlantic region for working families and individuals with incomes between 30% and 120% of the median income of the region (AMI).
This investment was backed by the Amazon Housing Equity Fund, more than $ 2 billion Commitment to creating and maintaining affordable housing in Amazon’s home communities, and Arlington County who have collectively committed to providing $ 310 million on immediately available acquisition finance to create a public-private partnership for a redesigned Barcroft neighborhood. This new partnership will help Jair Lynch ensure that 1,334 units with rents of up to 60% Area Median Income (AMI) remain affordable for 99 years.
“I was privileged to tour Columbia Pike eleven years ago. It was clear at the time that Columbia Pike had a bright future ahead of us, but to develop it we had to invest plots of size and scale to accelerate the corridor transformation. When the opportunity to buy Barcroft Apartments arose we knew we had to act, “said Jair K. Lynch, President and CEO of Jair Lynch Real Estate Partners. “With our acquisition of Barcroft Apartments, all of our talents are on display as an organization – a commitment to maintaining affordable housing as well as building for the future with mixed-use spaces along the corridor. We are grateful for our great partnership with Amazon and Arlington Countythat ensures long-term residential stability for existing residents. “
on Tuesday December 14thMay that Arlington County The board of directors has committed to a loan in the amount of $ 150 million in favor of Jair Lynchs Acquisition of the property. In addition, Amazon has committed itself $ 160 million in a low-interest loan from the Amazon Housing Equity Fund to help maintain the neighborhood’s long-standing affordability. Funding from the county and from Amazon will also assist Jair Lynch in making immediate repairs, adding amenities, performing property upgrades, and taking steps to improve the overall living environment of residents.
“The Amazon Housing Equity Fund was designed to keep homes affordable for our neighbors in our home communities. We are honored to join our partners and reassure the Barcroft families that their homes will remain affordable for generations to come, “said Catherine Buell, Director of the Amazon Housing Equity Fund. “Partnerships like this with Arlington County and Jair Lynch Real Estate Partners are how we build better, more inclusive communities so that people can live, work and thrive. “
“My colleagues and I thank and congratulate everyone who made the sale of this property possible to a buyer who is committed to maintaining affordable housing,” said the chairman of the county board Matt de Ferranti. “We are one step closer to ensuring stable, safe and affordable housing for current residents and we are excited to be working with our partners on a vision for Barcroft that puts residents first.”
A new property management company, Gates Hudson, will begin moving over the property in the coming days. Jair Lynch selected Gates Hudson to manage Barcroft Apartments because of his extensive experience managing properties across the country Arlington County and the mid-Atlantic region.
“Gates Hudson has a proven track record of managing high quality, affordable real estate across the country Arlington County and brings a wealth of experience delivering robust resident service programs, “said Anthony starts, Director of Investments at Jair Lynch Real Estate Partners. “Their social impact programs aim to improve the lives of all families in their communities regardless of income level, and their extensive support staff is ready and committed to providing the high levels of support these valued residents need and deserve.”
In addition to a new property management company, Jair Lynch intends to carry out a comprehensive master plan, which begins in the new year with a thorough inventory of the location and the current living situation of the residents. The aim of this initial assessment is to identify immediate needs for both the site and its current residents to ensure that the most pressing needs are addressed first. A solid resident engagement plan is in place to ensure that the voices of Barcroft residents are heard throughout the longer term overall planning process. Additionally, Jair Lynch and Arlington County will work hand in hand to ensure that all current residents in need of additional rental support are connected to community organizations for support.
Taken note during the hearing of the County Recessed Board on December 14, 2020, regardless of income, current residents will not be evicted. Rents will also stagnate in 2022, after which rents for current residents will not rise by more than 3% per year up to an upper limit of 60% AMI rent level. Jair Lynchs The property’s revitalization plan calls for the renovation of most of the units, while a selection of empty units will be demolished and rebuilt. At Barcroft there will be no reduction in the number of affordable units. Jair Lynch also intends to use vacant units on site for any temporary relocations that may become necessary during the long-term development of the master plan.
Hogan Lovells represented Jair Lynch Real Estate Partners on this transaction.
About Jair Lynch Real Estate Partners
Jair Lynch Real Estate Partners is a leading real estate investment and development company in the Mid-Atlantic market, specializing in the thoughtful transformation of pedestrian-friendly urban spaces. Founded in 1998, Jair Lynch has acquired, developed and operated a portfolio of residential, commercial and neighborhood real estate that contributes to the company’s mission to create extraordinary places. The company has developed and currently has over 5.6 million square feet of real estate projects $ 2.8 billion assets under management and a controlled pipeline of more than 4.6 million square feet worth $ 1.7 billion. Visit www.jairlynch.com to learn more.
SOURCE Jair Lynch real estate partner
