Transaction aligns with company’s investment strategy, expands Mid-Atlantic footprint
BOSTON–(BUSINESS WIRE)–Jones Street Investment Partners (“Jones Street”), a private equity real estate firm focused on multifamily assets located throughout the Northeast and Mid-Atlantic regions of the U.S., today announced its entrance into Virginia with the acquisition of Courthouse Green Townhomes (the “Property”), a 266-unit multifamily community located at 6417 Statue Street in Chesterfield, a suburb of Richmond.
Courthouse Green Townhomes, which spans 34 buildings across 21 acres and includes one-, two- and three-bedroom units, is ideally located near Route 288 and Route 10 and is a short 22-minute drive to both downtown Richmond and Petersburg. The Property’s luxury amenities include a modern clubhouse, an outdoor pool with a sundeck, an outdoor firepit and entertainment area, and a playground, as well as a 400-car parking lot. Jones Street will leverage its institutional knowledge and proven operating platform to maximize efficiencies at the Property to drive both optimal performance and enhance the resident experience.
“We are excited to expand our footprint in the Mid-Atlantic region with this acquisition, demonstrating our ability to navigate a challenging market environment while continuing to source and close transactions that meet our strict investment criteria,” said Matt Frazier, founder and CEO of Jones Street. “This is an ideally located asset in a market that exhibits the strong fundamentals we look for, including population growth, a strong and diversified job market, close proximity to healthcare systems, and great schools. We look forward to further advancing our investment strategy and growing our portfolio.”
Constructed in 1973, Courthouse Green Townhomes has undergone numerous renovations over the last three years, including improvements to the clubhouse, landscaping, fencing, and pool area, as well as renovations which elevated 250 units to Deluxe units. The recently renovated Deluxe units boast granite countertops, stainless steel appliances, and newly installed flooring and lighting upgrades. Jones Street’s capital improvement plan includes completing further Deluxe renovations on approximately 40% of the units, adding washer-dryers to all units, and renovating unused shared community space.
Chesterfield County has experienced high population and rent growth over the last decade, 9.8 and 4.5% respectively, as well as strong corporate presence with many Fortune 500 companies expanding in the area, including LEGO, CoStar, Capital One, Altria, and Dominion Energy. Chesterfield has an A+ rating from Niche.com, with top-ranked schools, access to an abundance of outdoor activities, and a thriving retail and restaurant market catering to primarily young professionals and families. The Property’s brief commute into downtown Richmond offers convenient access to the city’s expansive job market, which recently ranked in the top ten fastest growing job markets in Virginia according to InsideNOVA.
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 more than 6,000 apartment units with approximately $1.8 billion of current assets under management and $550 million of equity invested. For additional information about Jones Street Investment Partners, please visit the firm’s website at: www.jonesstreet.com.