The apartment complex is just south of the intersection of Huguenot and Robious roads. (Mike Platania photos)
A Boston-based firm closed out 2023 by coming back for seconds in Chesterfield, dropping yet another $50 million for an apartment complex in the county.
Jones Street Investment Partners last month purchased the Summit at Bon Air apartments for $53.2 million. At 296 units, the per-door sale price equates to $180,000.
The seller in the deal was busy local firm Capital Square, which had bought Summit at Bon Air in 2018 for $39.5 million.
The deal closed on Dec. 21, just a few months after Jones Street entered the Richmond market with a $51 million deal for the 266-unit Courthouse Green Townhomes at the southern end of Chesterfield.
Summit at Bon Air sits on 28 acres just north of Chesterfield Towne Center and spans 37 buildings that date back to the mid-1970s. Chesterfield County most recently assessed the apartments at $47.1 million.
Jones Street co-founder Matt Ranalli said Summit at Bon Air has a lot of shared characteristics with Courthouse Green, which drew them to the deal.
“It’s an older, vintage community in a good market, with a lot of amenities very nearby,” Ranalli said. “It’s a great micro-location and a very desirable place to live.”
The dozens of buildings at Summit at Bon Air date back to the 1970s.
The apartments were 96 percent occupied at the time of the sale, with many of the unit having been renovated in recent years. Ranalli said Jones Street is going to continue investing in the complex by upgrading HVAC systems, replacing roofs and repaving the parking lot.
“It’s all boring stuff, but stuff that helps,” he said.
Jones Street is a private firm that does most of its business in the New England area. In addition to investment deals like Summit at Bon Air and Courthouse Green, it also develops multifamily buildings, but Ranalli said all of those projects are in New England.
Though the Richmond area’s multifamily sales market was slower in 2023 than previous years amid rising interest rates, Ranalli said Jones Street continues to view the market in Richmond and the Mid-Atlantic favorably.
“Our purchases are not necessarily contingent upon a low interest rate or high interest rate. We like multifamily because of the supply demand dynamic,” Ranalli said.
“It’s becoming increasingly apparent that it’s difficult to build because of cost, so we see investing in existing multifamily as a good proposition.…We will continue to be interested in buying and attractive markets, such as Richmond, for the foreseeable future.”
Just behind Summit at Bon Air, a $20 million, 70-unit apartment complex dubbed Robious Landing is in the works on a 2-acre parcel. That project, located at 11229 Robious Road, has yet to break ground.
The apartment complex is just south of the intersection of Huguenot and Robious roads. (Mike Platania photos)
A Boston-based firm closed out 2023 by coming back for seconds in Chesterfield, dropping yet another $50 million for an apartment complex in the county.
Jones Street Investment Partners last month purchased the Summit at Bon Air apartments for $53.2 million. At 296 units, the per-door sale price equates to $180,000.
The seller in the deal was busy local firm Capital Square, which had bought Summit at Bon Air in 2018 for $39.5 million.
The deal closed on Dec. 21, just a few months after Jones Street entered the Richmond market with a $51 million deal for the 266-unit Courthouse Green Townhomes at the southern end of Chesterfield.
Summit at Bon Air sits on 28 acres just north of Chesterfield Towne Center and spans 37 buildings that date back to the mid-1970s. Chesterfield County most recently assessed the apartments at $47.1 million.
Jones Street co-founder Matt Ranalli said Summit at Bon Air has a lot of shared characteristics with Courthouse Green, which drew them to the deal.
“It’s an older, vintage community in a good market, with a lot of amenities very nearby,” Ranalli said. “It’s a great micro-location and a very desirable place to live.”
The dozens of buildings at Summit at Bon Air date back to the 1970s.
The apartments were 96 percent occupied at the time of the sale, with many of the unit having been renovated in recent years. Ranalli said Jones Street is going to continue investing in the complex by upgrading HVAC systems, replacing roofs and repaving the parking lot.
“It’s all boring stuff, but stuff that helps,” he said.
Jones Street is a private firm that does most of its business in the New England area. In addition to investment deals like Summit at Bon Air and Courthouse Green, it also develops multifamily buildings, but Ranalli said all of those projects are in New England.
Though the Richmond area’s multifamily sales market was slower in 2023 than previous years amid rising interest rates, Ranalli said Jones Street continues to view the market in Richmond and the Mid-Atlantic favorably.
“Our purchases are not necessarily contingent upon a low interest rate or high interest rate. We like multifamily because of the supply demand dynamic,” Ranalli said.
“It’s becoming increasingly apparent that it’s difficult to build because of cost, so we see investing in existing multifamily as a good proposition.…We will continue to be interested in buying and attractive markets, such as Richmond, for the foreseeable future.”
Just behind Summit at Bon Air, a $20 million, 70-unit apartment complex dubbed Robious Landing is in the works on a 2-acre parcel. That project, located at 11229 Robious Road, has yet to break ground.
Congrats to CapSquare on the sale. They’ll recall this one as one of their first really aggressive purchases as they stepped up their risk tolerance considerably to outbid numerous suitors for the property. I’m glad it worked out for them.