A Washington, D.C., mixed-use real estate developer and investor has entered the Atlanta market with the acquisition of two affordable apartment complexes in Clarkston, a move he says is “just the beginning” of its planned expansion in the southeast.
The real estate company, Jair Lynch Real Estate Partners, has purchased the assets, Clarkston Station and Woodside Village, along with Nuveen Real Estate, a global property manager with $152 billion in assets under management. In a statement, the partners said the acquisition will help them advance “their shared goals of building and revitalizing communities through their investment in high-quality, sustainable neighborhood assets.”
“With an incredibly diverse economy, a growing population, and job growth that continues to outpace the national average, Atlanta’s demand for high-quality affordable housing will continue to grow,” the director of acquisitions said. , Jair Lynch, Ulysses Auger. Press release. “As an investor dedicated to preserving and increasing housing for working families and individuals, we look forward to meeting this important need and making a positive impact throughout the region.”
Clarkston Station, a 356-unit community, and Woodside Village, a 360-unit community, both operate under the Section 42 Low-Income Housing Tax Credit program with income restrictions. affordability until 2034 and 2036, respectively. A collective of 95% of the units will continue to serve residents earning up to 60% of the region’s median income for at least the next 12 to 14 years, the companies said.
Jair Lynch said his housing strategy aims to increase and preserve affordable housing for people earning between 30% and 120% of the region’s median income. Although the company did not provide financial details of the transaction, it said the purchase of the properties means it has now invested more than $1.3 billion in the initiative.
“Clarkston Station and Woodside Village are home to a great community of hard-working individuals and families, including essential workers, first responders, educators and more, who deserve quality, accessible housing options,” said Mike Gilmartin, senior director of impact investing at Nuveen. “We are proud to support resident well-being through lasting improvements and strong resident services, and look forward to executing the business plan with Jair Lynch.”
The partners brought on Cushman & Wakefield as their new property manager with a particular focus on resident services and community programming. New owners will perform deferred maintenance and capital improvements, including updates and upgrades to community amenities, such as clubhouses, playground equipment, grill stations, dog parks and sustainable landscaping. They also plan to improve safety and security with new lighting, gated front entrances, security cameras and patrol services.
Berkadia’s Paul Vetter served as the seller’s broker, while Nixon Peabody acted as transaction counsel for Jair Lynch and Nuveen. CBRE provided the funding.