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A 105-unit affordable multifamily property in DC's Takoma neighborhood has just traded hands for $14M.
Jair Lynch Real Estate Partners, in a JV with MacFarlane Partners, sold the Takoma Place apartments at 6676 Georgia Ave. NW to nonprofit NHP Foundation. Boston-based Preservation of Affordable Housing had originally been under contract to purchase the property, but the tenants organized and assigned the rights to NHP, which ultimately closed the deal. The property, built in 1953, sits just south of the 66-acre Walter Reed Army Medical Center campus, where Hines, Urban Atlantic and Triden are preparing to begin work on a 3.1M SF development.
Jair Lynch acquired the property in 2011 as part of a 500-unit affordable housing portfolio. It then invested in upgrades to the common areas, building systems and residential units. Greysteel CEO Ari Firoozabadi and managing director W. Kyle Tangney brokered the deal on behalf of the seller.
"This is a great example of a tax credit resyndication play,” Tangney said in a release. “The buyer will be renovating the property and maintaining affordability for another 30 years.”
CORRECTION, MARCH 21, 2:10 P.M. EST: The buyer of the property was the NHP Foundation. A previous version of the story said it was Preservation of Affordable Housing, which was the original contract purchaser but didn't ultimately close the deal. Jair Lynch bought the property in 2011, not in 2000.
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