Jones Street Investment Partners Transacts $850M in Multifamily Real Estate in 2021

Jones Street Investment Partners, a private equity real estate firm focused on multifamily assets located throughout the Northeast and Mid-Atlantic regions of the U.S., today announced the firm completed more than $850M in transactions in 2021. In all, Jones Street transacted across ten assets this year, among which were four acquisitions in Connecticut and Massachusetts valued at $301M, three dispositions across Massachusetts and Maine which collectively sold for more than $294M, and the capitalization of three new development projects. In total, Jones Street's 2021 activity included 2,610 apartment units.

Commented Jones Street Investment Partners' Founder and CEO, Matt Frazier: "We're proud of our accomplishments this year, which, in many ways was a breakout one for our firm. Leveraging our experience and expertise in New England multifamily real estate, strong national industry relationships, and trusted reputation for closing transactions, we enhanced our reputation within the industry, and importantly, with our investors. As we look ahead to 2022, we will continue to pursue our strategic investment goals of identifying and creating value within the multifamily sector."

In Connecticut, Jones Street acquired 1177 Greens Farms in Westport, Kennedy Flats in Danbury, and The Tannery in Glastonbury for a total of 718 apartment units. In Massachusetts, Jones Street purchased Union House, a 196-unit community located in Framingham, just thirty minutes from downtown Boston. All four assets are recently constructed, boast luxury unit interiors and amenities, and offer residents convenient locations.

In dispositions activity, Jones Street sold two Massachusetts apartment communities, Union Place in Franklin and Abbott Landing in Andover. Together, the two luxury, amenity-rich multifamily assets comprise 396 apartment units. In the city of South Portland, Maine, Jones Street closed on the sale of a 620-unit portfolio comprised of two multifamily assets, Redbank Village and Liberty Commons, in late November. Both apartment communities are situated next to I-95 and I-295, between the Portland International Jetport and Maine Mall. A thriving regional corporate hub, both prior to as well as during the COVID-19 pandemic, Portland's multifamily market has outperformed other urban core markets including Boston and New York City.

Jones Street also opportunistically invested in its development platform and this year added three new projects totaling 680 apartment units to its near-term pipeline. In the Allston neighborhood of Boston, Jones Street is developing a 149-unit luxury midrise community in a prominent location along the Massachusetts Turnpike and adjacent to the campuses of Harvard, MIT, and Boston University. In Kittery, Maine, Jones Street is developing Seacoast Residences, a 282-unit luxury community situated along I-95 and immediately across the border from Portsmouth, NH. Additionally, Jones Street will also soon be closing on a third development project in a prominent location in southern New Hampshire where Jones Street has fully entitled 249 luxury apartment units with expectations for groundbreaking in the summer of 2022.

"The disruptions of this past year were challenging for everyone," continued Frazier. "However, by applying our creativity and flexibility to our persistence and investment skill, we were able to deliver a standout year for our investors. We will look to continue to provide exceptional risk-adjusted investment returns in 2022."

About Jones Street Investment Partners
Jones Street Investment Partners is a privately held real estate investment management firm focused on multifamily investments located in the Northeast and Mid-Atlantic regions of the United States. Formed in 2014, the Boston-based firm is an opportunistic and disciplined value-based investor focused primarily on the management of long-term, cash-flowing investment strategies and drawing on the capabilities of affiliate 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 trusted source of investment opportunities for its capital partners. Jones Street's portfolio consists of 4,389 apartment units with approximately $1.3 billion of current assets under management and $360 million of equity invested. For additional information about Jones Street Investment Partners, please visit the firm's website at: www.jonesstreet.com.