RICHMOND, VA – Jones Street Investment Partners, a private equity real estate firm focused on multifamily assets located throughout the Northeast and Mid-Atlantic regions of the U.S., announced its expansion in Virginia with the acquisition of Summit at Bon Air, a 296-unit multifamily community located at 1701 Irondale Road in the Richmond suburb of Bon Air, from Capital Square, one of the nation s leading sponsors of tax-advantaged real estate investments and an active developer and manager of housing communities.
Summit at Bon Air features a mix of one-, two- and three-bedroom units across 37 two-story buildings spanning a total of approximately 28 acres, as well as 550 parking spaces. The garden-style community is ideally situated within walking distance of numerous retail and restaurant options, including Chesterfield Towne Center Shopping Mall and Huguenot Village Shopping Center, and is located just off Route 60, providing an easy 22-minute drive to downtown Richmond, one of the fastest growing job markets in Virginia, according to InsideNOVA. Summit at Bon Air boasts luxury amenities including a resident lounge, business center, dog park, newly upgraded fitness center, swimming pool with a sun deck, and a playground.
We are excited to add another ideally located Richmond-area asset to our portfolio with the acquisition of Summit at Bon Air, said Matt Frazier, founder and COE of Jones Street. 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 majority of the Property s units have recently undergone numerous renovations to provide units with premium finishes including new cabinets, a backsplash, high-end laminate countertops, and a tech package. Jones Street plans to upgrade the remaining 77 units to provide an enhanced living experience. Improvements have also been made to the property s amenities, including renovations to the parking lot, fencing, grilling stations, landscape enhancements, and signage.
Summit at Bon Air Chesterfield County, which has experienced strong population growth over the last decade at an average of 9.8% as Fortune 500 companies have expanded their local presence, including LEGO, CoStar, Capital One, Altria, CarMax, and Dominion Energy. Bon Air has an A+ rating from Niche.com as well as an A rating in the Good for Families category.