Photo / Courtesy, Jones Street Investment Partners
Atlantic Pointe’s first phase of 181 units wrapped up construction earlier this month and is over half occupied and nearly 75% leased.
Updated: July 16, 2024
Second phase of Brunswick Landing apartment construction launched by Boston investor
Rendering / Courtesy, Jones Street Investment Partners
Boston firm Jones Street Investment Partners began developing the second phase of construction of 64 units in its Atlantic Pointe complex at Brunswick Landing.
A second phase of construction for the Atlantic Pointe residential complex at Brunswick Landing is underway.
Jones Street Investment Partners, the Boston real estate investment firm developing Atlantic Pointe, said 64 units will be added in Phase 2. The first phase included 181 units and wrapped up construction July 1.
A Jones Street spokesperson told Mainebiz the initial units are 72% leased and 57% occupied.
“We are excited to continue to expand our investment in the Brunswick market and provide much needed housing to an undersupplied market with the strong fundamentals we look for,” said Matt Frazier, CEO and founder of Jones Street.
The second phase, expected to be complete during the summer of 2025, will have a mix of one- and two-bedroom units across four four-story buildings as well as 111 parking spaces. Amenities, shared with the Phase I development, will include a business center, dog park, fitness center, green space and package lockers.
The Phase 2 property, at the corner of Admiral Fitch Avenue and Admiral Harry Rich Drive, is less than a quarter mile from Phase I.
The firm would not disclose the project cost for either phase. The development is financed through a construction loan and investor capital. The apartment units are largely market-rate; 15% are deemed affordable units.
Larger goal
“We look forward to continuing to work with the Midcoast Regional Redevelopment Authority in supporting the revitalization of the Brunswick Landing Development to serve the greater Brunswick community as job growth and the need for high quality housing continue to climb,” said Frazier.
Atlantic Pointe “represents a significant step forward in addressing the critical need for housing in the Brunswick region,” said Kristine Logan, executive director of the Midcoast Regional Redevelopment Authority, which oversees Brunswick Landing’s development.
Jones Street and other partners are helping to realize a portion of the former Navy base’s master reuse plan, which includes the creation of residential housing, Logan noted.
“This project not only provides high-quality homes for families and individuals but also contributes to the overall growth and revitalization of the former Naval Air Station,” she said.
Jones Street also owns and operates the Havens at Brunswick, a neighboring multifamily development that has both apartments and townhouses. The Haven was previously called Pegasus Landing, with 190 residences in 20 buildings, which Jones Street acquired in 2022.
Jones Street's other Maine holdings include Seacoast Residences in Kittery.
Formed in 2014, Jones Street Investment Partners is a privately held real estate investment management firm focused on multifamily investments in the Northeast and Mid-Atlantic regions. Its portfolio consists of more than 6,800 apartment units with approximately $2 billion of current assets under management and $700 million of equity invested.
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