JPI JV to Build Major Dallas Project
In partnership with Madera Residential and Waymaker, this development will be part of a larger $1 billion community.
Jefferson Railhead. Image courtesy of JPI
JPI has announced its plan for the construction of five projects totaling 1,750 units in Texas. The buildings include Jefferson Railhead in Frisco, Jefferson Grandscape in The Colony, Jefferson Cedar Ridge in Dallas, Jefferson Northlake in Northlake and Jefferson Peninsula in Grand Prairie. JPI is developing the project in a joint venture with Madera Residential and Waymaker as part of a larger nine-building, 3,300-unit, project valued at over $1 billion. Leasing of space has begun, with units available until 2025.
Each community will utilize Quext IoT, JPI’s chosen smart apartment technology package.
“The DFW market is one of the top markets in the country. As one of the most active developers in DFW, we are very excited to help serve a growing housing need and provide 1,750 homes to residents from across the metroplex,” Payton Mayes, CEO of JPI, told Multi-Housing News. “Ultimately, the residents are at the center of JPI’s vision when it comes to designing our properties. Our talented team members work incredibly hard to create spaces that are not only visually impressive, but rooted in smart design that connects the site, surroundings, and community. Our goal is ultimately to provide a place where people can be proud to call home.”
Dallas’ demand
The Dallas-Fort Worth metro remains one of the nation’s largest and most sought-after regions for multifamily development, as the entire metropolitan area is experiencing an unprecedented mixture of a large-scale in-migration of residents and a relocation of out-of-state companies downtown. The area has seen over $4.8 billion in transactions in the first half of 2022, as well as having the largest construction pipeline in the nation, with 47,011 units under construction and 6,697 delivered, according to a July 2022 report from Yardi Matrix. The area’s sales volume remains the highest in the country as well at $14.6 billion, with 551 properties totaling 140,000 units sold, the same data shows.
Other Dallas-Fort Worth-area transactions include 37th Parallel Properties’ acquisition of Creekside South, a 252-unit multifamily community in Wylie, and Archway Equities’ purchase of Toscana Apartments, a 192-unit garden-style community in Carrollton.
