ARA Newmark Brokers Sale of 360-Unit Community in Suburban Dallas
- Mar 24, 2016
The Irving-based seller JPI was represented by Director Richard Furr, Vice Chairman Brian O’Boyle, Sr. and Executive Managing Directors Brian Murphy and Brian O’Boyle, Jr. The buyer, California-based Frankel Family Trust, plans to rename the community Estates of Richardson.
Located at 955 West President George Bush Hwy., Jefferson Center offers one-, two- and three-bedroom floorplans averaging 943 square feet. The community, which was 94 percent occupied at the time of sale, provides convenient access to the State Farm’s new headquarters at CityLine in Richardson’s Telecom Corridor and the University of Texas at Dallas.
The property’s current amenity package includes a fitness center, business center, clubhouse, volleyball court, swimming pool and 730 parking spaces. The new owner will upgrade the community, adding a tennis court and a community building with an indoor basketball court, a racquetball court, an area for Pilates and Zumba classes and table tennis. According to Yardi Matrix, monthly rents at Jefferson Center range between $950 and $2,050.
“Jefferson Center represents JPI’s finest development to date in their long history of luxury multifamily development,” Furr said in a prepared statement. “This low-density, highly-amenitized asset within view of the new State Farm home office has set a new standard for suburban multifamily development.”
Image courtesy of Yardi Matrix