MFA Customer Story: Jones Street
Real estate investment firm relies on sophisticated tax planning and analysis to drive efficiency and improved investor relations
Founded in 2014, Jones Street is a growing real estate investment company that has seen significant advancement in the multi-family real estate industry and is actively expanding beyond the Northeast U.S. and into the mid-Atlantic area.
According to Founder and CEO Matt Frazier, among the many reasons Jones Street’s individual investors get involved in real estate are the opportunities to optimize cash flow, increase tax advantages and/or for estate planning purposes.
With upwards of 50 investors involved in any given investment transaction, the company’s continued growth requires a sophisticated tax operation. After initially handling it in-house, Frazier realized the need for more comprehensive and dedicated tax support to handle the company’s increasingly complex financial needs.
Organizing Jones Street’s tax operation turned out to be a challenge for both sides at first. Frazier freely admits there were deficiencies in the company’s internal infrastructure, and, as a result, the MFA team experienced its own struggles getting a handle on all of the moving parts.
While their first tax season together proved to be challenging, the parties committed to continuous improvement. After reviewing lessons learned, they saw a dramatic improvement during the following tax season, with clear expectations, proactive communication and ongoing collaboration driving a seamless engagement experience.
Now with three tax seasons behind them, Jones Street and MFA have established a strong working rapport, and the engagement team drives the timely execution of all tax needs, including those at the corporate entity level and all corresponding Schedule K-1s for the company’s growing list of investors.
Frazier says MFA has marshaled the right resources in the right way to enable Jones Street to provide its investors with the support they need and expect. The two parties have emphasized collaboration over everything else and are driving a process that addresses the pressures both sides are under and the expectations each has for future success.
In addition to continued tax support, MFA has also provided valuable analysis regarding complex tax initiatives, such as qualified business income (QBI), and Jones Street has even leveraged the Firm’s Talent Acquisition Practice for executive recruiting. Frazier expects the relationship to continue to flourish as he leans on MFA to help Jones Street stay ahead of the curve in the years to come.
If you’d like to speak with the MFA Team to discuss your business’ tax planning or other advisory needs, please connect with us.
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