Jair Lynch and Nuveen Team Up Again for $78M Apartment Buy in DC
By Keith Loria April 19, 2022 3:42 pm
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A joint venture between Jair Lynch Real Estate Partners and Nuveen Real Estate has acquired Jamison at Dakota Crossing, a 236-unit apartment community in Northeast Washington, D.C., for $78 million.
This marks the fifth acquisition the two companies have teamed up on in the DMV over the last two years, with a total value of $425 million, though it’s the first in the District.
The three-year old property was sold by a joint venture consisting of Fort Lincoln New Town Corporation, The Concordia Group, and Buvermo Investments
Jamison at Dakota Crossing offers both market-rate and affordable housing.
“Jamison presented a great opportunity to acquire a brand-new building in a dynamic neighborhood with strong retail amenities like Costco, Lowes, Dick’s, etc., and great access to employment centers in Maryland and D.C.,” Phuc D. Tran, director of investments for Jair Lynch, told Commercial Observer. “It also caters to a workforce clientele and helps Jair Lynch continue our efforts toward preserving attainable housing in the District.”
Plans for the property include the introduction of a new property management company, Winn Residential. Jair Lynch and Nuveen plan to offer market-rate apartments alongside those for Housing Choice Voucher Program and Inclusionary Zoning residents.
“We are planning incremental improvements to the building, like switching management companies, adding solar PV and reimagining the common areas to satisfy the needs of the resident base,” Tran said. “Otherwise, no major changes are expected given the age of the building.”
Jamison at Dakota Crossing is situated on 4.2 acres of land in the Fort Lincoln neighborhood, owned for generations by the Hagans family.
“Our investors are seeking sustainable assets with long-term social impact,” Pamela West, managing director of real estate for impact investing at Nuveen, said in a prepared statement. “Jamison at Dakota Crossing provides an excellent opportunity to convert traditional housing into impact housing addressable for all incomes in this neighborhood.”
Eastdil Secured served as the seller’s broker in the deal. CBRE (CBRE) served as the Fannie Mae Delegated Underwriting and Servicing lender. The buyer’s agent was not immediately clear.
Requests for comment from the sellers and brokers were not immediately returned.
Keith Loria can be reached at kloria@commercialobserver.com.
