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COLUMBIA HEIGHTS: Jair Lynch Real Estate Partners to Redevelop Howard University's Dormitory in D.C's Northwest Columbia Heights
Jair Lynch Real Estate Partners announced yesterday it entered into a 99-year ground lease with Howard University for 2601 16th
Street,
NW, a property adjacent to Meridian Hill Park. Jair Lynch intends to
renovate the now- vacant dormitory into a boutique multifamily housing
community. Jair Lynch acquired the rights
in September 2015 from Howard University through a competitive process
and closed the transaction on December 17, 2015.
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Rendering: Capitol Pixel |
The 2601 16th
Street,
NW building, constructed in 1942, was the site of the first government-
owned and -operated hotel built exclusively to house young women who
moved to the District during World War II
to fill government jobs. Howard University operated it until 2013 as an
off- campus dormitory known Meridian Hill Hall.
“As a son
of a Howard graduate, I take great pride in redeveloping this great
asset and reimagining it for the future,” said Jair K. Lynch, president
and CEO. “We are very excited to utilize our
team’s diverse skill sets to re-craft this historic structure into a
modern apartment community. Additionally, the strength and
professionalism of Howard’s team was critical to our ability to close
ahead of schedule.”
The
renovation of the eight-story building will provide over 200 new rental
housing units with panoramic views of downtown Washington, a full suite
of modern amenities and strong connections to
the Meridian Hill Park.
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Rendering: Capitol Pixel |
Jair Lynch
transacted this opportunity through a programmatic joint venture vehicle
with MacFarlane Partners. This joint venture has a development
portfolio of 16 projects in the DC Metropolitan
area totaling over $700 MM. Eagle Bank provided financing for the
transaction.
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