WASHINGTON, D.C. (February 2, 2016) – Jair Lynch Real Estate Partners (“Jair Lynch”) announced today it entered into a 99-year ground lease with Howard University for 2601 16th Street, NW, a property adjacent to Meridian Hill Park. Jair Lynch intends to renovate the now- vacant dormitory into a boutique multifamily housing community. Jair Lynch acquired the rights in September 2015 from Howard University through a competitive process and closed the transaction on December 17, 2015.
The 2601 16th Street, NW building, constructed in 1942, was the site of the first government- owned and -operated hotel built exclusively to house young women who moved to the District during World War II to fill government jobs. Howard University operated it until 2013 as an off- campus dormitory known Meridian Hill Hall.
“As a son of a Howard graduate, I take great pride in redeveloping this great asset and reimagining it for the future,” said Jair K. Lynch, president and CEO. “We are very excited to utilize our team’s diverse skill sets to re-craft this historic structure into a modern apartment community. Additionally, the strength and professionalism of Howard’s team was critical to our ability to close ahead of schedule.”
The renovation of the eight-story building will provide over 200 new rental housing units with panoramic views of downtown Washington, a full suite of modern amenities and strong connections to the Meridian Hill Park.
Jair Lynch transacted this opportunity through a programmatic joint venture vehicle with MacFarlane Partners. This joint venture has a development portfolio of 16 projects in the DC Metropolitan area totaling over $700 MM. Eagle Bank provided financing for the transaction.
About Jair Lynch Real Estate Partners
Jair Lynch is a locally owned, real estate investment and development company with a project portfolio and pipeline of 5 million square feet totaling over $1.6 billion. Jair Lynch focuses on mixed-use, multifamily, office and retail projects in the Washington, DC Metropolitan area, with various partners through programmatic equity funds and/or project specific joint ventures. Since 1998, Jair Lynch has specialized in the responsible transformation of walkable urban places by combining social responsibility with sound economic development in pursuit of creating sustainable, extraordinary neighborhoods that connect to the soul of a place. To learn more about Jair Lynch please visit www.jairlynch.com
About MacFarlane Partners
MacFarlane Partners is a real estate investment management and development firm with approximately $4 billion in assets managed on behalf of some of the world’s largest pension plans and institutions. Founded in 1987, the firm pioneered the urban investment concept among institutional real estate investment managers in the 1990s and today is a leading investor and developer of properties that promote smart growth, urban revitalization and sustainability in urban and high-density suburban areas nationwide.
MacFarlane Partners is headquartered in San Francisco, with regional offices in Los Angeles and Washington, D.C. For additional information, please visit the firm’s website at www.macfarlanepartners.com
About Howard University
Established in 1867, Howard University is a federally chartered, private, doctoral university, classified as a high research activity institution. With an enrollment of more than 10,000 students, its undergraduate, graduate, professional and joint degree programs span more than 120 areas of study within 13 schools and colleges. The University has an enduring commitment to the education and advancement of underrepresented populations in America and the global community. Howard University’s unique mission represents an unwavering commitment to its core values of leadership, excellence, truth and service. To learn more about Howard University please visit www.howard.edu
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