Jair Lynch sells 482-unit affordable housing portfolio in Washington, D.C.

Jair Lynch Real Estate Partners has concluded the sale of the Regenesis Portfolio of affordable housing located in Washington, D.C. The five-property, 482 unit assembly consists of Brookland Place (80 Units), Fort Stevens Place (59 units), Mass Place (160 Units), Petworth Place (78 Units) and Takoma Place (105 units). Jair Lynch Real Estate Partners acquired the properties in 2011 after initially putting the portfolio under contract and then being selected by all five resident associations under the Tenant Opportunity to Purchase Act process. The Low Income Housing Tax Credit (LIHTC) portfolio was nearing the end of its initial compliance period which allowed a new owner to re-syndicate the assets under the LIHTC program. Neither the buyer nor the terms of the sale were disclosed.

The transaction was arranged by Greysteel President & CEO, Ari Firoozabadi; Managing Director, W. Kyle Tangney; and Senior Investment Associate Alicia Orkisz, who are all based in Greysteel’s Washington, D.C. office. “As the neighboring communities of Washington D.C. continue to develop, providing affordable housing options are crucial,” said Tangney. “The properties will continue to operate under the LIHTC program and will be renovated and maintained for affordability for years to come.”