In December 2021 Jair Lynch Real Estate Partners purchase Barcroft Apartments, a 1,334-unit garden style apartment complex located along Columbia Pike in Arlington, VA. Originally built in 1939, Barcroft Apartments is a 60-acre site with 1,334 apartments and two commercial parcels with 34,000 square feet of retail.
The Arlington County Board committed a loan of $150 million in support of this acquisition and Amazon committed a $160 million loan from Amazon’s Housing Equity Fund to support the preservation of the neighborhood’s long-standing affordability. The County’s and Amazon’s funding will also support Jair Lynch in addressing immediate repairs, adding amenities, making property upgrades, and taking steps to improve the residents’ overall living environment.
The deal ensures that all of the 1,334 units will remain affordable with rents up to 60 percent of the Area Median Income (AMI) for 99 years and provides the opportunity to reimagine the site through a master planning process and accelerate the transformation of the Columbia Pike Corridor.
Developing a Master Plan
Jair Lynch has embarked on a master planning process that will meet many of the goals, objectives and policies of the County's Affordable Housing Master Plan and the Columbia Pike Neighborhoods Area Plan to enable a vibrant, mixed-use, mixed-income community.
A robust resident engagement plan is in place to ensure Barcroft residents’ voices are heard throughout the longer-term master planning process. Additionally, Jair Lynch and Arlington... Read more...