Jair Lynch Sells 5 Affordable Housing Properties For $53M
Jair Lynch Real Estate Partners has sold five affordable housing properties totaling 482 units throughout the District to separate buyers for a total of $52.9M.
The deals, brokered by Greysteel CEO Ari Firoozabadi, Managing Director W. Kyle Tangney and Senior Investment Associate Alicia Orkisz, include the following:
- The 160-unit Mass Place at 1111 Massachusetts Ave. NW sold to National Housing Trust for $22M;
- The 105-unit Takoma Place at 6676 Georgia Ave. NW sold to NHP Foundation for $14M;
- The 80-unit Brookland Place at 617 Hamlin St. NE sold to Wesley Housing for $6.6M;
- The 59-unit Fort Stevens Place at 1339 Fort Stevens Drive NW sold to CPDC for $5.5M; and
- The 78-unit Petworth Place at 930 Randolph St. NW sold to WC Smith for $4.8M.
Jair Lynch had acquired the five properties in 2011 as they were nearing the end of their Low Income Housing Tax Credit period. The developer then renovated each of the properties and renewed the LIHTC arrangement, allowing them to remain affordable.
“As the neighboring communities of Washington D.C. continue to develop, providing affordable housing options are crucial," Tangney said in a release. “The properties will continue to operate under the LIHTC program and will be renovated and maintained for affordability for years to come.”