Two real estate firms this week acquired 587 market-rate affordable apartment units in Langley Park, highlighting Prince George’s County’s efforts to preserve housing affordability in an area some fear may begin to gentrify with the advent of the Purple Line.
D.C. developer Jair Lynch Real Estate Partners and Nuveen Real Estate, an investment manager for New York City’s TIAA, announced Tuesday they’ve purchased Bedford Station and Victoria Station, utilizing Prince George’s County’s right of first refusal program. Under that policy, 441 units, or three-quarters of those acquired, will have rents capped for households earning no more than 80% of the area median income for 15 years.
The properties, recently the subject of a tenant lawsuit over maintenance conditions, comprise two garden apartment complexes built in 1950, totaling 35 two- and three-story buildings on 23 acres spanning four parcels. They’re adjacent to the Villas at Langley, a 24-acre apartment community that Jair Lynch and Nuveen also own.
Click here to read the rest of the story written by Drew Hansen over at Washington Business Journal
