WASHINGTON, DC-Jair Lynch Development Partners is under contract to acquire 500 multifamily units in the District, the developer tells GlobeSt.com. Lynch declined to discuss the price on the table or the seller but did say the portfolio acquisition would increase his own portfolio by 40%. “I hope to see this close sometime this summer,” says Jair Lynch, president and CEO of Jair Lynch Development Partners.

One of the properties is in Petworth, a neighborhood in Northwest DC and an area with which Lynch is very familiar. “We think Petworth is just blossoming right now,” Lynch says. The company just delivered a multifamily project there, 3Tree Flats, located at 3910 Georgia Ave., NW, in conjunction with Stratford Capital Group. The $42 million mixed-use project, which is two blocks from the Georgia Avenue-Petworth Metrorail station, opened its doors fully leased.

The project is unique for the area in that it was financed via ten different sources of federal, local and private funding sources. Also, it was one of the US Green Building Council’s pilot projects for its Neighborhood Development project. 3Tree Flats is certified to this standard, though Lynch doesn’t claim that the certification is a direct reason why the project is fully-leased. However, he tells GlobeSt.com that the property’s environmental bona fides were clearly helpful as tenants made their choices.