Jair Lynch Starts 2nd Phase of NoVa Project
It's a partially affordable redevelopment of a 1970s property.
Jair Lynch Real Estate Partners has broken ground on 535 S. Alfred St., a 288-unit multifamily development in Alexandria, Va. The project is the second phase of The Heritage at Old Town, a three-phase redevelopment.
Jair Lynch affiliates provided traditional equity to the project, alongside low-income housing tax credits from Truist Community Capital. The project also obtained 4 percent LIHTCs from Virginia Housing, supported by private activity bonds from the Virginia Department of Housing and Community Development. A HUD Housing Assistance Payments contract covers 51 of the upcoming units.
A redevelopment that builds on a legacy
The Heritage at Old Town kicked off with the demolition of a 1970s garden-style multifamily community, which consisted of 12 buildings with 144 units and a midrise building with 100 units. The first phase of construction—Block 4—broke ground last year, encompassing 310 apartments with roughly 14,000 square feet of amenity space. Phase two is unfolding at Block 1 on Wilkes Street Park East, while in the third phase, Jair Lynch is expected to complete Block 2 and add a community park.
535 S. Alfred St. will consist of 48 studios, 184 one- and 56 two-bedroom units. Out of the total number of residences, 52 will serve as affordable housing units, 51 will be reserved for households earning up to 40 percent of the area median income, one unit will cater to households earning up to 60 percent of AMI, and the rest of the apartments will be market rate. The project is slated for completion in 2029.
The second phase of The Heritage at Old Town is adjacent to 505 S. Alfred St., the initial phase of the project. Jair Lynch broke ground on Block 4 in June 2025, with completion expected in the third quarter of next year. The two communities at The Heritage at Old Town are close to Interstate 495, which connects the area to downtown Washington, D.C., some 8 miles north.
There are several planned and prospective multifamily construction projects within a 2-mile radius, including Insight Property Group’s 187-unit 2051 Jamieson Ave., MRP Realty’s 802-unit Eisenhower Avenue and ZM Zell Partners’ 100-unit Carlyle Park Towers, according to Yardi Matrix information.
