Jair Lynch & MacFarlane Partners to Redevelop Former Howard University Dorm as a Rental Apartment Community
February 02, 2016
Jair Lynch Real Estate Partners and MacFarlane Partners are teaming up to renovate a vacant dormitory once owned by Howard University in northwest Washington, D.C., into a boutique rental apartment community.
A joint venture between the two firms has entered into a 99-year ground lease with the university to renovate the eight-story building at 2601 16th Street NW, directly north of Meridian Hill Park. The property is located in the District’s Columbia Heights neighborhood, one mile west of the main Howard University campus.
The building, which was constructed in 1942, was initially a hotel owned by the federal government for young women who moved to the District during World War II to fill government positions. Howard University later operated it as an off-campus dormitory known as Meridian Hill Hall until 2013. Jair Lynch Real Estate Partners won the ground-lease rights from the university through a competitive-bidding process in September 2015 and closed the transaction in December.
The renovation of the building will result in more than 200 new rental apartments with panoramic views of downtown Washington to the south, a full suite of modern amenities and immediate access to Meridian Hill Park.
MacFarlane Partners owns a minority stake in Jair Lynch Real Estate Partners in addition to investing in properties developed, renovated and operated by the Washington, D.C., real estate firm. MacFarlane made the investments in both Jair Lynch and the 2601 16th Street NW property on behalf of a venture with the California State Teachers’ Retirement System.
Click here to read the press release issued by Jair Lynch Real Estate Partners on February 2, 2016.
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