Jair Lynch Real Estate Partners Breaks Ground on Second Phase of The Heritage at Old Town

ALEXANDRIA, Va. (October 22, 2026) – Virginia Secretary of Commerce and Trade Carrie Chenery, U.S., Viriginia Housing Chief of Programs, Dr. Monique Johnson, U.S. Department of Housing and Urban Development (HUD) Field Director Jill Yu, and City of Alexandria Mayor Alyia Gaskins joined Jair Lynch Real Estate Partners, and other project stakeholders on Tuesday to celebrate the groundbreaking of 535 S. Alfred Street, Alexandria, Va. This milestone marks another significant step in the redevelopment of this prominent Old Town Alexandria property.

535 S. Alfred Street will deliver 288 new apartment homes, including 52 affordable residences, along with improvements to Wilkes Street Park East. The project sits adjacent to 505 S. Alfred Street, which is already under construction with delivery anticipated in 2027. Together, the two phases will bring 598 new apartment homes, including 152 affordable residences, creating a vibrant residential community with modern living spaces, shared amenities and improved connections to the surrounding neighborhood.

The redevelopment builds on the property’s longstanding residential history. Originally developed as affordable housing in the 1970s, the property included 12 garden-style buildings with 144 units and one midrise building with 100 residences. The full buildout incorporates replacement housing for 140 income-eligible former residents alongside new market-rate residences more than doubling the number of residences in the community.

“With this project, we get to make sure we are not just bringing in new residents, but that the residents who were here in the beginning get to see this and be a part of this community and also get to build community with new neighbors,” said Alexandria Mayor Alyia Gaskins.

Jair Lynch affiliates for this latest phase are providing traditional equity, paired with Low-Income Housing Tax Credit (LIHTC) equity provided by Truist Community Capital. Virginia Housing allocated 4% LIHTC to the project, supported by private activity bonds from the Virginia Department of Housing and Community Development (DHCD), comprised of bonds from the Local Housing Authority Pool through the Alexandria Redevelopment and Housing Authority (ARHA). A U.S. Department of Housing and Urban Development (HUD) Housing Assistance Payments contract supports 51 units.

“It is exciting for us to recognize the progress in the housing project happening here today and to use it as a model across the state as we continue to think about maximizing redevelopment opportunities, bringing together opportunities at the federal, state, and local levels. Governor Spanberger believes affordable housing is an economic development issue. Workers, employers, and communities all need it to succeed. Partnership projects like this one are how we turn that belief into thriving communities,” said Virginia Secretary of Commerce and Trade Carrie Chenery.

535 S. Alfred Street: New Homes and Neighborhood Improvements

This phase will feature 48 studio apartments, 184 one-bedroom apartments and 56 two-bedroom apartments. Of the 52 affordable residences, 51 will serve households earning up to 40 percent of the area median income (AMI), with one additional residence designated for households earning up to 60 percent of AMI.

The project also includes improvements to the eastern portion of Wilkes Street Park, contributing to a more connected neighborhood and enhancing public green space. 535 S. Alfred Street and the associated park improvements are expected to be completed in 2029.

505 S. Alfred Street: Opening in 2027

505 S. Alfred Street includes 310 apartment homes, of which 100 are affordable, as well as improvements to the west side of Wilkes Street Park. The building will feature underground parking, rooftop terraces, a courtyard pool, a clubroom, a fitness center and more than 13,000 square feet of amenity space. The project is expected to be completed in the third quarter of 2027.

“Breaking ground on 535 S Alfred St is another important step in realizing our vision for this Old Town community,” said Jair K. Lynch, President & CEO of Jair Lynch Real Estate Partners. “With 505 S. Alfred Street 75% complete, we are building momentum toward a more connected, inclusive community that offers high-quality housing for residents across a range of incomes. We are grateful for the continued partnership of the Commonwealth of Virginia, the City of Alexandria and the many organizations helping make this redevelopment possible.”