Tuesday, December 6, 2011

Developer Jair Lynch purchases three apartment complexes in Ward 4

Yesterday Jair Lynch announced that it has acquired three apartment complexes in Ward 4. They are Aspen Court, 105 homes at 6676 Georgia Ave., NW; Petworth Station, 78 homes at 930 Randolph St., NW; and Fort Stevens Hill, 59 homes at 1339 Ft. Stevens Dr. NW.

Jair Lynch issued a press release saying the acquisition will allow for the preservation of "affordable homes in neighborhoods that are experiencing an uptick in market rate developments and increasing property values but have a dearth of new construction starts for affordable housing. The company plans to make significant quality of life improvements to enhance each of the communities as part of its program to acquire, stabilize and improve dated tax credit financed properties.

"Throughout the acquisition process, JAIR LYNCH worked diligently with each of the five communities’ individual tenant associations and their respective attorneys as part of the District’s Tenant Opportunity to Purchase Act (“TOPA”).

"JAIR LYNCH Development Partners is investing in this portfolio (“Regenesis Portfolio”) through a joint venture with MacFarlane Partners, a real estate investment management firm that specializes in properties that promote place making through smart growth, urban revitalization and sustainability."

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