Jair Lynch Buys Prince George's County Apartments For $88M
Suburban, Class-B apartments have been among the most attractive targets for real estate investors in recent years, and that appears to be continuing as the pandemic approaches its third month of U.S. impact.
Jair Lynch Real Estate Partners acquired the Villas at Langley apartment community in Prince George's County from Klein Holdings for $87.5M, Transwestern Real Estate Services announced Monday.
Transwestern's Robin Williams, Dean Sigmon, Justin Shay and Michael D'Amelio represented Klein Holdings in the deal. The team has brokered the sale of 13 communities totaling $618M over the last 12 months, Transwestern said.
The 590-unit Villas at Langley sits at 8100 15th Ave. in Langley Park, roughly 2 miles west of College Park and Hyattsville. The property also sits near two planned Purple Line stations, though the light rail project has encountered some issues in recent days, with contractors walking off the job due to delays and cost overruns.
The buyer was drawn to the property because it sits in a supply-constrained market and comes with the potential to increase rents by making capital improvements, Transwestern said a release. The deal comes after Jair Lynch in March acquired the Berkdale Apartments in Herndon.
"Investor interest was extremely strong for the Villas at Langley," Sigmon said in a release. "In this region, assets with such low vacancy that offer yield investment opportunities and organic rent growth are scarce."