Jones Street Investment Partners Closes $159.5M Sale of Three Multifamily Properties
Jones Street Investment Partners, a Boston-based private equity real estate firm specializing in multifamily investments across the Northeast and Mid-Atlantic, has completed the sale of three properties located in Albany, NY; Hanover, MA; and Norton, MA. The properties were sold in separate transactions totaling $159.5 million in gross proceeds. The identities of the buyers were not disclosed.
Each property was originally acquired as a core-plus investment and benefited from strong regional demand and targeted operational improvements, according to the firm. Collectively, the sales yielded a 2.2x gross equity multiple and a 14.4% gross internal rate of return (IRR) 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 Matt Frazier, CEO and founder of Jones Street Investment Partners. “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.”
