A joint venture between Jair Lynch Real Estate Partners and Nuveen Real Estate has acquired the Phoenix Apartments, a 463-unit multifamily complex in the Washington, D.C., suburb of Bladensburg, Md., for $72.5 million.
Florida Value Partners was the seller on the deal.
The acquisition is the joint venture’s fourth in the last 18 months as part of Jair Lynch’s $400 million attainable housing investment goal, which aims at increasing and/or preserving affordable and workforce housing throughout the mid-Atlantic region.
“We’ve seen a desperate need for this type of housing, not just within the District but also in the surrounding counties,” Phuc Tran, Jair Lynch’s director of investments, said in a prepared release. “The goal is to protect affordability long term, and one way we accomplish this is by acquiring assets like Phoenix Apartments, quickly reaching out to residents, and establishing that partnership.”
Originally built in 1971, the Phoenix Apartments consist of one- and two-bedroom units commanding rents between $1,099 and $1,665 a month. Located at 5802 Annapolis Road on 9.3 acres, just off the Baltimore-Washington Parkway, the property is about a 10-minute car commute into the District.
The new owners plan to improve the community’s amenities, address outstanding deferred maintenance, and preserve affordability and quality of housing for the existing residents.
The Donaldson Group manages the property.
Melnick Real Estate Advisors represented the buyers in the deal. JLL is the Fannie Mae-approved Delegated Underwriting and Servicing (DUS) lender for the project.
Keith Loria can be reached at email@example.com.