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Jair Lynch Real Estate Partners remains one of the most active buyers in the D.C. area during the coronavirus pandemic, closing its third acquisition since late March.
The company, in partnership with Nuveen, acquired the Potomac Vista Apartments in Woodbridge for $81.5M from FCP, the seller announced Tuesday.
The 408-unit property consists of three-story, garden-style apartments built in 1987, property records show. It sits near the intersection of Route 1 and Mount Pleasant Drive. It is within a half-mile of two shopping centers and within a mile of the Woodbridge Amtrak station.
Chevy Chase-based FCP acquired the property in September 2016 for $60.5M from Boston-based GID Investment Advisors. JLL's Brian Crivella, Walter Coker and Robert Jenkins represented it in the sale, which comes after FCP renovated the property.
“FCP is pleased with the success of our business plan at Potomac Vista, including significant capital improvements made to building exteriors, HVAC systems and common area amenities,” FCP Associate Scott Reibstein said in a release. “Investments in Northern Virginia and the Washington, D.C. Metro area continue to be of great interest to us as strong job growth and diversification of the local economy attract people to the region.”
Jair Lynch announced March 30 it acquired the 184-unit Berkdale Apartments in Herndon, and in May it acquired the 590-unit Villas at Langley community in Prince George's County for $88M. Along with the March deal, Jair Lynch announced an expanded partnership with Nuveen and the California State Teachers Retirement System to acquire $400M of assets in the Mid-Atlantic.
“The expansion of this strategy with Nuveen is important to us and the region," Jair Lynch Real Estate Partners CEO Jair Lynch said in a March release. "By building and/or preserving attainable housing near transit the region will stay competitive, attract top talent, and support the workforce that already lives here."
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