JPI Adds 11th Multifamily Project in Dallas Submarket
- Aug 14, 2019
JPI has secured construction financing for the development of Jefferson Innova, the 433-unit second phase of its Jefferson Promenade community in the booming Las Colinas neighborhood of Irving, Texas. It will be the 11th multifamily property for JPI in the Irving-Las Colinas area and the sixth in Las Colinas.
Miller Sylvan, senior vice president & development partner for JPI’s Central Region, noted in a prepared statement that Las Colinas—home to seven Fortune 500 company headquarters and a central hub for the Dallas-Fort Worth metroplex—is the firm’s most active submarket. Jefferson Innova is located near the Toyota Music Factory, with more than 210,000 square feet of retail and restaurants. It will also offer residents access to the Irving Convention Center DART station as well as proximity to the convention center and Elm Fork Trinity River.
Jefferson Innova, scheduled to open in spring 2021, will span five acres. It is the second phase of Jefferson Promenade, a 387-unit, Class A multifamily community under construction at 555 Promenade Parkway. JPI secured financing for Jefferson Promenade in November 2017.
Community amenities for Jefferson Innova will include a rooftop pet park with grooming station, Uber lounge, resort-style pool, business center, fitness center with spin and yoga studio, coffee bar and two outdoor kitchens.
Active in DFW Metroplex
JPI, headquartered in Irving, is the most active multifamily developer in the Dallas-Fort Worth metroplex with more than 5,000 apartment homes under construction. The firm’s current projects, operating and under construction, consist of 30 communities with nearly 9,000 units in Texas, Southern California and Phoenix.
JPI sold Jefferson LasCo, a 422-unit Class A multifamily community in Las Colinas to Pacific Life in April. JPI completed LasCo last year and it quickly became a top performer in the submarket.
In February, JPI began construction on Jefferson Texas Plaza, a 282-unit community in Dallas, marking the 10th project in the Irving-Las Colinas area for the firm. Jefferson Texas Plaza will be located on approximately 9 acres off Loop 12 and adjacent to the University of Dallas.
Other JPI Deals
Last month, JPI sold Jefferson Chandler, a 283-unit luxury community near Phoenix, for $69.3 million to Lurin Capital, according to Yardi Matrix data. The eight-building property was located in Chandler, Ariz., about 15 miles southeast of downtown Phoenix and 2 miles from the growing Price Road office corridor.
Earlier in the year, JPI closed construction financing on Jefferson Vista Canyon, a 480-unit luxury community in Santa Clarita, Calif., located about 35 miles from downtown Los Angeles. It is the third multifamily project in the Santa Clarita Valley for JPI.