Jair Lynch Real Estate Partners has acquired a Prince George’s County apartment property as part of its strategy to buy affordable and workforce housing.
The real estate firm acquired the 288-unit Plaza Towers apartments in Hyattsville for $65.8M from Angelo Gordon & Co. and Donaldson, Jair Lynch announced Thursday.
Transwestern’s Dean Sigmon, Robin Williams, Justin Shay and Michael D’Amelio represented the seller in the deal. JLL’s Jamie Leachman, Chris Hew, Amit Kakar and Carter Wroblewski arranged the acquisition financing for the buyer through a three-year, $50.1M loan.
Plaza Towers, located at the intersection of Belcrest Road and Toledo Terrace, was built in 1964 and partially renovated in 2019 and 2020. Jair Lynch said it plans to further renovate the building and gradually improve amenities, according to its press release.
Click here to read the rest of the article written by Jasob Wallace over at Bisnow
