Jones Street Investment Partners, a Boston-based private equity real estate firm specializing in multifamily investments across the Northeast and Mid-Atlantic, completed the disposition of three properties located in Albany, NY, Hanover, MA and Norton, MA through separate sale transactions totaling $159.5 million in gross proceeds. The buyers were not disclosed.

Each asset was acquired as a core-plus investment and benefited from strong regional demand drivers and targeted operational enhancements, according to Jones Street. Across the portfolio, the sales generated a 2.2x gross equity multiple and a 14.4% gross IRR on the original $35-million equity investment.

“We are delighted with the result of these transactions, which demonstrate the value we were able to create for our investors and residents over the hold period,” said Jones Street CEO and founder Matt Frazier. “This outcome further reinforces the strong conviction we have in our investment strategy of acquiring undervalued, well-located multifamily properties in supply-constrained Northeast and Mid-Atlantic markets and enhancing their value through operational improvements and superior customer service. We look forward to continuing to acquire and develop properties in these target markets where the imbalance of multifamily supply and demand is the most acute in the U.S.”