Jones Street Investment Partners Commences Construction on Phase II of Atlantic Pointe Development in Brunswick, ME
15 Julio 2024 - 7:03AM
Business Wire
Multimillion-dollar project adds 64 multifamily
units to existing 181-unit community
Investment reflects Jones Street’s commitment
to continue to expand its footprint in key undersupplied Northeast
markets
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 that it has commenced construction on Phase II of
its Atlantic Pointe multifamily development in Brunswick, ME. To be
built on 3.5 acres of currently undeveloped land, this phase will
deliver an additional 64 to the existing 181-unit community,
Atlantic Pointe Phase I.
Atlantic Pointe Phase II (the “property”) will feature a mix of
one- and two-bedroom units across four four-story buildings as well
as 111 parking spaces. The community’s amenities, shared with
Atlantic Pointe Phase I, include a business center, dog park,
fitness center, green space, and package lockers. Ideally located a
few miles from downtown Brunswick and within thirty minutes of
downtown Portland and Augusta, the property is less than a quarter
mile from Atlantic Pointe Phase I. The property, located at the
corner of Admiral Fitch Avenue and Admiral Harry Rich Drive, is
situated within the Brunswick Landing Development, a former naval
base that is being revitalized and now boasts nearly 2 million
square-feet of commercial and industrial space, including an
aviation complex.
“We are excited to continue to expand our investment in the
Brunswick market and provide much needed housing to an
undersupplied market with the strong fundamentals we look for,”
said Matt Frazier, CEO and founder of Jones Street. “We look
forward to continuing to work with the Midcoast Regional
Redevelopment Authority (MRRA) in supporting the revitalization of
the Brunswick Landing Development to serve the greater Brunswick
community as job growth and the need for high quality housing
continue to climb. This investment is exemplary of Jones Street’s
commitment to continue providing much needed housing stock to
undersupplied communities across the Northeast, especially those
like Brunswick and the greater Portland market that enjoy such high
occupancy and stability over the long-term.”
The property is expected to benefit from the strong employment
market in the region. A number of major regional and national
employers, including L.L.Bean, VividCloud and General Dynamics Bath
Iron Works, operate in the area as well as Bowdoin College, one of
the top liberal arts schools in the country, which is located just
a few miles from the property in downtown Brunswick. Brunswick, one
of the top suburbs in the state, boasts an “A” rating on Niche.com
and offers highly rated public schools, a college town atmosphere,
and easy access to a variety of retail, restaurant, and nightlife
options. The property is adjacent to Cooke’s Corner Shopping
Center, which includes a variety of retail and dining options, and
is located in close proximity to Thomas Pointe Beach.
“We are excited about the new housing development here on the
Brunswick Landing, which represents a significant step forward in
addressing the critical need for housing in the Brunswick region,”
said Kristine Logan, Executive Director of the Midcoast Regional
Redevelopment Authority. “We welcome partners like Jones Street who
are investing in the Brunswick Landing and helping to realize a
portion of the Master Reuse Plan that includes the creation of
residential housing. This project not only provides high-quality
homes for families and individuals but also contributes to the
overall growth and revitalization of the former Naval Air
Station.”
In addition to the original Atlantic Pointe community, Jones
Street also owns and operates The Havens at Brunswick, a
neighboring multifamily community which offers both apartments and
townhomes. Jones Street’s bullish outlook on the long-term outlook
for the Brunswick market are driven by its strong fundamentals,
including its proximity to city centers and strong job markets,
high quality of life, and strong long-term occupancy rate of 97%
since 2016.
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 6,800
apartment units with approximately $2 billion of current assets
under management and $700 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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Media: JonesStreetPR@icrinc.com