Jair Lynch, Nuveen Partner on $78M Mixed-Income Community in DC
Washington, DC-based Jair Lynch Real Estate Partners and Nuveen Real Estate have acquired Jamison at Dakota Crossing, a 236-unit Class A apartment community in northeast DC, for $78 million. The partners have acquired five other assets throughout the DC, MD, and VA region with a total value of $425 million.
The companies purchased the property from a joint venture of Fort Lincoln New Town Corporation, The Concordia Group and Buvermo Investments, Inc. Eastdil Secured served as the seller’s broker; CBRE served as the Fannie Mae DUS lender.
Jair Lynch and Nuveen intend to introduce a new property management company, Winn Residential, and enhance the mixed-income nature of the property by continuing to offer market-rate apartment homes alongside those for Housing Choice Voucher Program and Inclusionary Zoning residents.
“Our investors are seeking sustainable assets with long-term social impact,” said Pamela West, managing director, real estate impact investing at Nuveen.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.