JPI Starts Construction on Dallas-Area Luxury Apartments
The project is located 12 miles north of the city’s downtown.
Dallas-based JPI has broken ground on Jefferson Addison Heights, a five-story, 290-unit luxury apartment community being built in Texas.
The property will sit at the Southeast Quadrant of Airport Parkway and Addison Road in the town of Addison in Dallas County. The project is the developer’s latest endeavor in the Dallas-Fort Worth area, bringing its portfolio to 29 properties totaling 9,276 units, according to Yardi Matrix data. Jefferson Addison Heights is expected to open for leasing in October of 2024.
Professionally oriented
After construction finishes, Jefferson Addison Heights will span 3 acres, and is anticipated to be marketed to higher-income renters. Units will include 10-foot ceilings and kitchens with stone countertops. Apartments on the fourth floor will offer views of the adjacent Addison Airport. Amenity spaces will include a swimming pool with private cabanas, a clubhouse with a game room and a fitness center.
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Situated within half a mile of the Dallas North Tollway, Jefferson Addison Heights will have quick access to Addison’s local retail, dining and entertainment offerings, such as the Prestonwood Town Center and Galleria Mall. Located near the Dallas North Tollway, Jefferson Addison Heights will be 12 miles from downtown Dallas, which is home to more than 2,000 employers and headquarters of more than 20 Fortune 500 Companies, including Texas Instruments, AT&T, American Airlines and McKesson.
Developments in Dallas
With 60,532 units currently under construction and 2,016 completed year-to-date as of April, Dallas ranks as the nation’s second-largest market for multifamily construction, Yardi Matrix data shows. The record demand is owed in part to the city’s dense and diverse employment sector, as well as lower costs of living in comparison to similarly-sized Sun Belt markets. A recent report from the U.S. Census Bureau shows that Collin County, part of the Dallas-Fort Worth Metro, ranks third for in-migration by numeric growth in the U.S., attracting 45,525 new residents between 2020 and 2022.
Recent development headlines from around Dallas include Legacy Partners’ and the Resmark Cos.’ joint construction on the Legacy Gateway, a 336-unit community located in the town of Forney. On the affordable front, Dominium is furthering its plans for the development of Matlock Flats, a 192-unit project in Arlington, Texas.