A Prince George’s County apartment complex is new ownership.
Jair Lynch Real Estate Partners, in partnership with Nuveen Real Estate, has acquired the 463-unit Phoenix Apartments for $72.5 million, the companies said in a statement. Miami-based Florida Value Partners was the seller of the complex, located at 5802 Annapolis Road in Bladensburg.
The property, built in 1971 on 9.3 acres immediately west of the Baltimore-Washington Parkway, offers one- and two-bedroom units renting for $1,099 to $1,665 a month. A Jair Lynch official said the acquisition fits into its strategy to buy and hold “attainable” housing targeted to families and individuals who earn 30% to 120% of the area median income — up to $117,200 a year for a family of four.
“We’ve seen a desperate need for this type of housing, not just within the District but also in the surrounding counties,” Phuc Tran, Jair Lynch’s director of investments, said in the statement. “The goal is to protect affordability long term, and one way we accomplish this is by acquiring assets like Phoenix Apartments, quickly reaching out to residents, and establishing that partnership.”
