US multifamily real estate firm Jones Street Investment Partners has sold three multifamily properties worth $159.5m (€140m) in separate transactions.
The private equity real estate firm said the assets are in Albany in New York and Hanover and Norton in Massachusetts, but did not disclose the identity of the buyers.
Jones Street, which acquired the assets as core-plus investments, said the portfolio generated a 2.2x gross equity multiple and a 14.4% gross internal rate of return on the original $35m equity investment.
Matt Frazier, CEO and founder of Jones Street Investment Partners, said: “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.
“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 US.”
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