JPI Buys Development Site for 393-Unit Dallas Project
The mixed-income property will be taking shape through a public-private partnership.
JPI has acquired the 16-acre development site for a 393-unit, mixed-income project in McKinney, Texas, dubbed Jefferson Terry. The McKinney Housing Authority partnered with JPI, supporting the property through bond financing.
The duo aims to deliver Jefferson Terry‘s first phase in 2027, while full completion is expected in 2028. Wright, KLH and Spiars are among the project’s engineers. LandDesign serves as the landscape architect, while Keaton provides interior design services.
Approximately half of the 393 units will be income-restricted, with 177 homes set aside for residents earning at 80 percent of the area median income and 20 apartments reserved for households earning up to 30 percent AMI. The remaining 196 units will rent at market rate.
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Jefferson Terry is set to include four buildings encompassing studio and one- to three-bedroom layouts ranging between 650 and 1,600 square feet. Amenities will consist of a swimming pool, gaming and coworking space, resident lounge and club room, among other features.
Part of Dallas’ north submarket, the property will be taking shape at the southeast corner of Highway 380 and Terry Lane, within walking distance of a health-care employment center and several retail outlets.
Initial estimates placed project costs at $104 million, according to a JPI presentation held during a McKinney City Council meeting in December 2024. Four months later, the figure submitted to the Texas Department of Licensing and Regulation stood at $69.3 million.
JPI’s Dallas developments
The 2024 presentation also included another JPI project in McKinney dubbed Jefferson Wilmeth, a 443-unit, $115.7 million development. The company’s Metroplex endeavors extend beyond McKinney. JPI secured $114 million in construction financing earlier this year, as a Pretium affiliate funded a 439-unit project in Grand Prairie, Texas.
JPI has delivered more than 370 multifamily properties, comprising some 115,000 units across 141 cities in 27 states, valued at north of $18 billion, according to its website. JPI sold its operating platform to Sumitomo Forestry in 2023.
Dallas stays competitive in affordable deliveries
Following an all-time U.S. affordable delivery record in 2024, the completion count tempered in 2025 on account of higher construction costs, elevated interest rates and declining tax credit pricing, according to a Yardi Matrix report. This softening delivery trend is likely to continue.
Dallas ranked fourth across U.S. affordable housing deliveries in 2025, observing the completion of 3,661 units across fully affordable properties, according to the same source. San Francisco (4,020 units) was ahead, but behind Los Angeles (4,547 units), which trailed Austin, Texas (7,059 units).
Between 2026 and 2028, the Metroplex is likely to maintain its spot as the fourth affordable housing delivery market across the U.S., with 8,647 completions forecasted throughout fully affordable housing properties. Los Angeles tops the list with 14,471 units, followed by New York City (12,418 units) and Austin (8,959 units).
