Jair Lynch Buys Attainable Housing Complex in Hyattsville for $66M
The deal exceeds the company’s goal to invest $400 million in attainable housing
By Keith Loria December 9, 2021 4:30 pm
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Real estate investment company Jair Lynch has acquired Plaza Towers, a 288-unit, value-add apartment community in the Washington, D.C., suburb of Hyattsville, Md., for $65.8 million.
The 11-story multifamily asset was purchased from Angelo Gordon & Co.
The acquisition is part of Jair Lynch’s strategy to purchase attainable housing throughout the mid-Atlantic region, with the objective of increasing affordable and workforce housing for working and middle-income families. With this deal, the company has surpassed its $400 million goal, according to a prepared statement.
“The goal is to protect affordability long term while taking steps to improve residents’ homes in the process,” Ulysses Auger, Jair Lynch’s director of acquisitions, said in the prepared remarks.
Transwestern Real Estate Services facilitated the sale, while JLL (JLL) Capital Markets arranged $50.1 million in acquisition financing, securing a three-year, floating-rate, non-recourse loan through an undisclosed lender.
“Jair Lynch’s continued leadership in the attainable housing space as well as the abundance of capital chasing quality lending opportunities garnered multiple term sheets through the strategic marketing process,” Jamie Leachman, a senior managing director at JLL, said in a prepared statement.
Located at 6700 Belcrest Road, the property is within walking distance to the Prince George’s Plaza Metro station and is near the University of Maryland, the United States Deaprtment of Agriculture and the U.S Food and Drug Administration.
The 6.7-acre Plaza Towers was originally built in 1964 and underwent renovations in 2019 and 2020. The multifamily property offers studio, one-, two- and three-bedroom units averaging 826 square feet. Community amenities include outdoor pool, resident lounge, fitness center, new business center with computer stations and bike storage room.
The deal marks Jair Lynch’s third acquisition in Prince George’s County.
The JLL debt advisory team also included Chris Hew, a senior director, Amit Kakar, a director, and Carter Wroblewski, an analyst.
Both Angelo Gordon & Company and JLL declined to comment further. Jair Lynch did not immediately return a request to comment.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Keith Loria can be reached at Kloria@commercialobserver.com.
