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.

Media: JonesStreetPR@icrinc.com