Jair Lynch JV Kicks Off 310-Unit Project in NoVa
The community is part of a three-phase redevelopment.
Jair Lynch Real Estate Partners, in partnership with Asland Capital Partners, has started construction on Block 4, a 310-unit multifamily project in Alexandria, Va. A total of 100 units will be reserved as affordable.
This marks the first building of a third-phase redevelopment, which saw the demolition of 12 garden-style buildings totaling 144 units and one mid-rise building comprising 100 units in September 2023. Upon completion, the project will consist of three residential structures.
Construction on the first phase is set to last 27 months, with full project stabilization anticipated in the following 12 months after completion.
Jair Lynch affiliates provided construction financing and equity for the $103 million market rate component. Besides this funding, the affordable section also benefits from a $22 million LIHTC provided by Truist Community Capital and $100 million in permanent financing arranged by Grandbridge Real Estate Capital through Freddie Mac.
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As of June, there were 41 multifamily properties under construction in Northern Virginia, which will comprise 11,216 units upon completion, according to Yardi Matrix data. Additionally, about 435 projects were in the prospective or planned stages.
A three-phase multifamily project
Located at 505 S. Alfred St., Block 4 will be close to Interstate 495 and less than a mile from downtown Alexandria. Downtown Washington, D.C., is 8 miles away, while Ronald Reagan Washington National Airport is some 5 miles north.
The building will also comprise more than 14,000 square feet of amenity space. The community will have rooftop terraces, a courtyard swimming pool and two levels of below-grade parking. The second phase will consist of 288 units and 8,000 square feet of amenities at Block 1, while the third phase will feature completion of Block 2.
