Jones Street Investment Partners Amplifies Virginia Presence with Summit at Bon Air Acquisition
Jones Street Investment Partners has recently marked a significant milestone in its strategic expansion within the multifamily asset market in Virginia. With the acquisition of Summit at Bon Air in the Richmond suburb of Bon Air, the private equity real estate firm bolsters its portfolio and demonstrates its commitment to capitalizing on growth opportunities in promising regions.
Summit at Bon Air encompasses an expansive 28 acres of space, accommodating 296 units spread over 37 two-story buildings, alongside ample parking with 550 spaces. This garden-style community does not only offer diverse living options through its one-, two-, and three-bedroom units but also provides residents with an array of luxury amenities. These include a resident lounge, business center, dog park, renovated fitness center, swimming pool with sun deck, and a playground geared towards fostering a family-friendly environment.
Strategically positioned within close proximity to retail hubs and essential services, the community offers a seamless connection to key areas, such as downtown Richmond, known for being among the most dynamic job markets in Virginia. The management transitions underscore the strength of the market and the potential for continued enhancement of resident experience and value maximization for investors.
Matt Frazier, the founder and CEO of Jones Street, emphasized the optimal positioning of Summit at Bon Air within the vibrant Richmond area. “We are excited to add another ideally located Richmond-area asset to our portfolio with the acquisition of Summit at Bon Air,” Frazier stated. “Coming on the heels of our recent entry into the Richmond market with the purchase of Courthouse Green Townhomes, Summit at Bon Air exhibits the same strong criteria we look for when evaluating investment opportunities, including a growing population, a strong job market, top schools, and family-friendly activities and amenities. We look forward to leveraging our operational expertise to provide a best-in-class living experience to the community and create value for our investors.”
The multifamily community is not just resting on its existing laurels but is also undergoing continuous improvement. With a majority of units already renovated to include premium finishes and a tech package, plans are underway to elevate the remaining 77 units, alongside enhancements to communal amenities to enrich the resident experience further.
This acquisition reflects the growth trajectory of Chesterfield County, witnessing a significant population increase and economic uplift through the local expansion of Fortune 500 companies. Bon Air, boasting an A+ rating from Niche.com and excellent reviews for family-friendliness, becomes an even more attractive location for both renters and investors.
Jones Street’s latest move exemplifies strategic growth fueled by a blend of market insight and a commitment to delivering exceptional living standards. This addition signifies not just the growth of their asset base but also a deeper investment in community development, a true reflection of modern multifamily leadership.