Jair Lynch Development Partners and Resident Association Acquire Campbell Heights Apartments in Washington, D.C.
June 30, 2010
Jair Lynch Development Partners has partnered with the residents of Campbell Heights Apartments to acquire the Washington, D.C., multifamily residential property in which the latter live.
Campbell Heights Apartments is senior-housing community near the District’s U-Street Corridor that was built in 1978. All 171 apartment units in the 10-story building are designated as affordable housing.
The residents acted through the Campbell Heights Residents Association, which exercised its rights under the District of Columbia Tenant Opportunity to Purchase Act in August 2009 after the previous owner notified the tenants of its intent to sell the property. The transaction ensures that the apartment units will remain affordable housing and the residents can stay on-site.
The acquisition, which is valued at nearly $25 million, is the first completed by Jair Lynch Development Partners through its joint venture with MacFarlane Partners, which owns a minority- ownership stake in Jair Lynch Development Partners as well as invests in properties developed or acquired by the Washington, D.C., real estate firm.
MacFarlane Partners made the investment in Jair Lynch Development Partners on behalf of its venture with the California State Teachers’ Retirement System that invests both in and alongside emerging and high-growth real estate companies active in urban property markets.
All News ›