Sale represents a 2.2x multiple to invested capital
Jones Street Investment Partners (“Jones Street”), a private equity real estate firm specializing in multifamily investments across the Northeast and Mid-Atlantic regions of the U.S., today announced the successful disposition of three multifamily properties—located in Albany, NY, Hanover, MA, and Norton, MA—through separate sale transactions totaling $159.5 million in gross proceeds. Each asset was acquired as a core-plus investment and benefited from strong regional demand drivers and targeted operational enhancements. Across the portfolio, the sales generated a 2.2x gross equity multiple and a 14.4% gross internal rate of return on the original $35 million equity investment.
“We are delighted with the result of these transactions, which demonstrate the value we were able to create for our investors and residents over the hold period,” said Jones Street Investment Partners CEO and Founder Matt Frazier. “This outcome further reinforces the strong conviction we have in our investment strategy of acquiring undervalued, well-located multifamily properties in supply-constrained Northeast and Mid-Atlantic markets and enhancing their value through operational improvements and superior customer service. We look forward to continuing to acquire and develop properties in these target markets where the imbalance of multifamily supply and demand is the most acute in the U.S.”
As a vertically integrated firm, Jones Street is able to leverage its property management arm, Jones Street Residential, to help ensure the successful execution of its business plan for each investment and deliver an optimal resident experience. Jones Street has a growing pipeline of opportunities to acquire value-add properties, core properties, and land for multifamily development at an attractive basis.
About Jones Street Investment Partners
Jones Street Investment Partners is a privately held real estate investment management firm, specializing in multifamily investment and development in the Northeast and Mid-Atlantic regions of the United States. Established in 2014 and based in Boston, the firm takes an opportunistic and disciplined approach, emphasizing value-based investment strategies. Jones Street focuses primarily on long-term, cash-flowing investments, while also leveraging the expertise of its affiliate, Jones Street Residential, for asset and property management. Aligning institutional-quality investment and operational strategies with the economic and strategic interests of its capital partners, Jones Street is a trusted source of investment opportunities, delivering value through both its acquisitions and development efforts. Jones Street’s portfolio consists of more than 6,500 apartment units across eight states with approximately $2 billion of current assets under management and $750 million of equity invested. For additional information about Jones Street Investment Partners, please visit the firm’s website at: www.jonesstreet.com.
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