Jones Street Investment Partners Lands CT Property for $137M
- Aug 27, 2018
Jones Street Investment Partners has acquired Town Walk at Hamden Hills, a rental community in Hamden, Ct., a New Haven suburb. The purchase price was $136.5 million.
The property was acquired from an affiliate of Baker Properties, a White Plains, N.Y. real estate developer and operator. Matthew Keefe and Ricardo E. Cordido of Westport, Ct.-based HK Group brokered the private and off-market transaction, representing Baker Properties and procuring Jones Street.
“The biggest challenge to completing the Town Walk acquisition was just its size,” Patrick Sullivan, Jones Street head of investor relations, told MHN. “In a short window of time, our team had to carry out an extraordinary amount of work across all facets—investment analysis, diligence, property operations preparation and fundraising—and everyone at JSIP stepped up. Co-founders Matt Frazier and Matt Ranalli have been investing in the business, in growing the team, for precisely this sort of moment.”
Located at 100 Town Walk Drive, Town Walk at Hamden Hills features 22 buildings. It is comprised of 764 units in a mix of one-, two- and three-bedroom floor plans from 767 to 1,405 square feet. Also offered are two recreational centers.
Apartments feature open kitchens, walk-in closets, full-size washer-dryers, balconies or patios and optional wood-burning fireplaces.
Common-area amenities include two heated swimming pools and sundecks, a tennis court, indoor basketball court, children’s playground and three landscaped barbecue areas. Also offered are 108 carports and 25 storage units for rent.
The community is located near I-95 and public transportation, Merritt Parkway, Quinnipiac University, Yale University and downtown New Haven. Residents can directly access Farmington Canal Heritage Rail Trail.
“We are excited to bring Town Walk into our portfolio,” Frazier said. “It is a continuation of our vision for Jones Street’s growth, which is to acquire well-regarded communities with identified value in markets we know well. Baker Properties were an ideal transaction partner, and we are happy to have been able to work with them.”
Added Marc Baker of Baker Properties: “We are pleased to have completed this transaction with Jones Street in a timely and efficient manner, thereby minimizing any disruption to our residents and on-site staff. Town Walk is a market-leading community, and we congratulate Jones Street on their acquisition.”
Jones Street is an owner of more than 2,800 apartment units and $500 million in assets.
The company’s properties are in Massachusetts, New York, Connecticut, Rhode Island, New Hampshire and Maine.