Jair Lynch Acquires Plaza Towers And Surpasses $400M Attainable Housing Investment Goal
Jair Lynch Real Estate Partners, a leading owner and developer of mixed-use properties and attainable housing in the DC metro area, announced this week the acquisition of the 288-unit, high-rise Plaza Towers located in Hyattsville, Maryland. Jair Lynch purchased the 11-story multifamily asset from New York-based Angelo Gordon & Co. and Donaldson for $65.8 million. Transwestern Real Estate Services brokered the transaction. Plaza Towers is Jair Lynch's third acquisition in Prince George's County.
In 2019, Jair Lynch Real Estate Partners launched its attainable housing strategy aimed at increasing and/or preserving affordable and workforce housing throughout the Mid-Atlantic region for working families and individuals earning between 30% - 120% of the area median income (AMI). With this investment, Jair Lynch has now exceeded the $400 million goal.
"We recognize the need for attainable and workforce housing both within and surrounding the District," Ulysses Auger, Jair Lynch's Director of Acquisitions, noted. "The goal is to protect affordability long term while taking steps to improve residents' homes in the process. We're thrilled to have surpassed our $400 million investment goal ahead of schedule."
Originally built in 1964, the 6.7-acre property is located just north of the East-West Highway in Hyattsville, MD, at the intersection of Belcrest Road and Toledo Terrace with nearby job centers at the University of Maryland, the USDA, and the FDA. With the closest Metro station offering Green & Yellow Line access a half-mile away, the Property's proximity to both suburban job nodes and downtown DC provides residents access to a wide job base within a 30-minute commute.
Jair Lynch intends to preserve and renovate the much-needed attainable housing while making incremental improvements to existing amenities over the course of their investment.
The firm, along with various investment partners, has invested over $450 million in attainable housing assets since 2019 and continues to seek new acquisitions across all asset classes including office, mixed-use, and land.
"The acquisition of Plaza Towers represents another strong step forward in our pursuit of preserving workforce housing in the region," said Phuc Tran, Director of Investments, "while also ensuring the longevity of the property for the families that currently reside there."
Jair Lynch was selected to acquire the property after a publicly marketed sales process brokered by Transwestern. Transwestern Executive Vice Presidents Dean Sigmon and Robin Williams, Vice President Justin Shay, and Senior Associate Michael D'Amelio represented the seller in the transaction.