Jones Street Investment Partners Transacts $ 850 Million in Multi-Family Real Estate in 2021 | Your money
BOSTON – (BUSINESS WIRE) – Dec. 20 2021–
Jones Street Investment Partners, a multi-family asset-focused private equity real estate firm located in the Northeast and Mid-Atlantic regions of the United States, today announced that the company has made more than 850 million in transactions in 2021. In total, Jones Street completed transactions in ten assets this year, including four acquisitions in Connecticut and Massachusetts valued at $ 301 million, three divestments in Massachusetts and Maine which collectively sold for over $ 294 million, and the capitalization of three new development projects. In total, Jones Street activity in 2021 included 2,610 apartments.
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Jones Street Investment Partners completes sale of Liberty Commons, South Portland, ME (Photo: Business Wire)
Jones Street Investment Partners Founder and CEO Matt Frazier commented, “We are proud of our accomplishments this year, which in many ways has been a milestone for our company. Leveraging our experience and expertise in New England multi-family real estate, strong national industry relationships, and a trusted reputation for closing deals, we enhanced our reputation within the industry and, above all, to our investors. As we look to 2022, we will continue to pursue our strategic investment goals of identifying and creating value in the multi-family sector. “
In Connecticut, Jones Street acquired 1,177 Greens Farms in Westport, Kennedy Flats in Danbury and The Tannery in Glastonbury for a total of 718 apartments. In Massachusetts, Jones Street bought Union House, a 196-unit community located in Framingham, just thirty minutes from downtown Boston. All four assets are newly built, offer luxury interiors and amenities, and provide residents with convenient locations.
As part of the divestiture activity, Jones Street sold two Massachusetts apartment communities, Union Place in Franklin and Abbott Landing in Andover. Together, the two luxury and amenity-rich multi-family assets comprise 396 apartment units. In the city of South Portland, Maine, Jones Street closed the sale of a 620-unit portfolio of two multi-family assets, Redbank Village and Liberty Commons, in late November. Both apartment communities are located off I-95 and I-295, between the Portland International Jetport and the Maine Mall. A thriving regional business hub, both before and during the COVID-19 pandemic, Portland’s multi-family market outperformed other urban core markets, including Boston and New York.
Jones Street has also opportunistically invested in its development platform and this year added three new projects totaling 680 apartments to its short-term pipeline. In Boston’s Allston neighborhood, Jones Street is developing a mid-size luxury community of 149 units in a prominent location along the Massachusetts Turnpike and adjacent to the Harvard, MIT, and Boston University campuses. In Kittery, Maine, Jones Street is developing Seacoast Residences, a 282-unit luxury community located along I-95 and just across the border from Portsmouth, NH. Additionally, Jones Street will also soon be closing a third development project in a prominent location in southern New Hampshire, where Jones Street is fully entitled to 249 luxury apartments with expectations for opening in the summer of 2022.
“The disruptions of the past year have been difficult for everyone,” continued Frazier. “However, by applying our creativity and flexibility to our persistence and investment skills, we were able to deliver an exceptional year to our investors. We will seek to continue to provide exceptional returns on risk-adjusted investments in 2022. ”
About Jones Street Investment Partners
Jones Street Investment Partners is a privately held real estate investment management firm focused on multi-family investments located in the Northeast and Mid Atlantic regions of the United States. Founded in 2014, the Boston-based company is an opportunistic and disciplined value-driven investor with a primary focus on managing long-term, cash-flow investment strategies and leveraging the capabilities of the subsidiary. Jones Street Residential for asset and property management. Aligning an institutional quality investment and operational approach with the economic and strategic interests of its investors, Jones Street is a reliable source of investment opportunities for its financial partners. The Jones Street portfolio consists of 4,389 apartments with approximately $ 1.3 billion in assets under management and $ 360 million in invested equity. For more information on Jones Street Investment Partners, please visit the company’s website at: www.jonesstreet.com.
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KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS
INDUSTRY KEYWORD: FINANCE PROFESSIONAL SERVICES RESIDENTIAL AND REAL ESTATE BUILDING COMMERCIAL AND REAL ESTATE CONSTRUCTION AND PROPERTY
SOURCE: Jones Street Investment Partners
Copyright Business Wire 2021.
PUB: 12/20/2021 9:30 a.m. / DISC: 12/20/2021 9:32 a.m.
Copyright Business Wire 2021.