JPI Sells 5-Property Dallas Portfolio
The sale of nearly 2,000 units marks the developer's single largest transaction in 15 years.
Developer JPI has sold five Dallas-area multifamily communities totaling nearly 2,000 units to an affiliate of Lone Star Funds. The sale price was not disclosed but JPI said it was the company’s largest single transaction in 15 years.
The assets sold are Jefferson Boardwalk in Farmers Branch, Texas; Jefferson West Love in Dallas; Jefferson Eastshore in Irving, Texas; and Jefferson Reserve and Jefferson Vantage, both in Richardson, Texas.
The properties are located in key suburban markets across the Dallas metroplex and are near major employment hubs as well as retail and entertainment centers. The assets also feature luxury finishes and best-in-class community amenities that are standard at JPI multifamily properties. The communities are all less than two years old and more than 90 percent leased on average, according to the Dallas Morning News.
Blake Taylor, JPI’s senior vice president & regional development partner, said in a prepared statement the transaction is good for the local economy and also reaffirm’s JPI’s 30-year business model and emphasis on market research to continue moving forward even during a pandemic.
JPI, one of the most active developers in the Dallas-Fort Worth region, has more than 5,000 apartment homes under construction. Among the projects in the area are the 411-unit Jefferson Alpha West and 390-unit Jefferson East Branch, both in Addison, Texas. The properties both have retail components and are expected to be completed by year-end. Jefferson East Branch also has a 351-unit second phase in the planning stage.
JPI was also the most active developer in Dallas in 2019, completing at least five projects totaling 1,954 apartments, including the 456-unit Jefferson Reserve in Richardson. The company noted it plans to continue growing its presence in key suburban markets throughout the Dallas metroplex.
Institutional Property Advisors, Walker Dunlop and JLL each served as brokers for the Lone Star Funds transaction.
IPA said it handled the sale of the 286-unit Jefferson Eastshore, located on Lake Carolyn in Irving, and the 424-unit, garden-style Jefferson Boardwalk. Drew Kile, senior managing director, and Will Balthrope, Joey Tumminello and Grant Raymond represented JPI and also identified the buyer. Kile said in prepared remarks multifamily housing demand is outpacing new supply in the Irving-Las Colinas submarket. Tumminello added average occupancy in the submarket, considered one of the most stable in the metroplex, was more than 95 percent.