Jair Lynch Real Estate Partners has finalized its acquisition of Columbia Pike’s Barcroft Apartments, one of Arlington County’s largest affordable housing complexes now set to be preserved for 99 years with the help of $310 million in loans from Amazon.com Inc. and Arlington County.
The apartment complex previously had private owners, the DeLashmutt family, who built the complex in 1939 in the Douglas Park neighborhood. Jair Lynch’s exact purchase price, as well as the assessed value of the 60-acre property at 1130 S. George Mason Drive, is still unclear, but Arlington County Board Member Christian Dorsey referred to it as a “half-a-billion-dollar deal” during the board’s Dec. 14 meeting. Jair Lynch declined to comment further.
“I had the privilege of touring Columbia Pike 11 years ago. Back then, it was clear Columbia Pike held a bright future, but to unlock it, we needed to invest properties of size and scale in order to accelerate the transformation of the corridor,” Jair Lynch, president and CEO of Jair Lynch Real Estate Partners, said in a statement. “When the opportunity to purchase Barcroft Apartments arose, we knew we had to act.”
