Jair Lynch Real Estate Partners, an owner and developer of mixed-use properties and attainable housing in the mid-Atlantic region, and Nuveen Real Estate, one of the largest real estate managers globally with $152 billion of assets under management, Tuesday announced the acquisition of Bedford Station and Victoria Station, a 587-unit garden-style naturally occurring affordable housing community in Langley Park.
The 23-acre property presents another opportunity for Jair Lynch and Nuveen to preserve housing affordability in Prince George’s County long-term while advancing their shared goals of uplifting and revitalizing communities through their investment in high-quality, sustainable neighborhood assets. Together, Jair Lynch and Nuveen have made six other significant impact investments in the DMV in pursuit of those goals.
Originally constructed in 1950, the Property consists of 35 two-story and three-story garden-style buildings located in the heart of Langley Park, an emerging market in the Washington region. Conveniently situated near the University of Maryland, Downtown Hyattsville, and with strong neighborhood-serving retail including Safeway, Target, and various dining options, the residents of Bedford and Victoria Station enjoy easy access to major job nodes at the University of Maryland, Silver Spring, Bethesda and the District of Columbia.
Plans for the property include immediate capital improvements, in-unit renovations and the introduction of a new property management company, while a heavy focus will be placed on long-term plans to improve the Property’s impact on the environment, the surrounding community, and its residents. Green features including updated water and energy efficiency measures, LED lighting upgrades, sustainable landscaping plans, improved recycling and trash removal practices, and more will be implemented and/or installed as Property renovations progress. Jair Lynch and Nuveen also intend to employ Inclusive Hiring practices to promote the hiring of low-income residents and businesses operated by Bedford and Victoria Station residents to ultimately provide employment, job training, and subcontracting opportunities.