JPI Completes Luxury Development in Thriving Texas Market
- Aug 05, 2015
Irving, Texas—A leader in Class A multifamily housing development officially completed a luxury community in a booming market.
JPI presented Jefferson Center, a 360-home luxury multi-family community situated in the Richardson submarket north of Dallas near the intersection of President George Bush Turnpike and Custer Parkway.
“The Richardson submarket has been one of the fastest growing in terms of job growth and business expansion,” said Matt Brendel, JPI development partner. “Our apartment homes are available for lease as major corporate development is bringing thousands of new jobs to the area.”
Located at 955 West President George Bush Highway, Jefferson Center was constructed on a 30-acre site near the University of Texas at Dallas and fewer than two miles from CityLine, the new mixed-use development under construction that will be anchored by the offices of State Farm Insurance and Raytheon.
The community has a variety of luxury amenities including a resort-style pool, grilling and cabana areas, a coffee bar, two clubrooms, beach volleyball courts, an event lawn with an outdoor movie theater, a dog park, playgrounds and two state-of-the-art fitness centers (one dedicated to yoga, CrossFit and Fitness on Demand). The apartment homes vary from one-, two- and three-bedroom floor plans ranging from 650 to more than 1,500 square feet. Units showcase granite countertops, stylized hardwood flooring throughout the living areas, kitchens and baths, stainless steel appliances, garages, private yards and full-size washers and dryers.
“Jefferson Center is unique in the suburban Dallas multifamily market,” said Brad Taylor, JPI managing regional partner. “The level of recreation opportunities and green space is unprecedented in the area, including 14 acres of green space on the 30-acre site.”
Jefferson Center has convenient access to major employment centers in or near Dallas via President George Turnpike, Central Expressway, North Dallas Parkway and the DART Red/Orange Line. An extensive assortment of retail, dining and entertainment venues are just minutes from the property.
Senior financing for property construction was provided by Texas Capital Bancshares Inc., Behringer Harvard Multifamily REIT I Inc. provided mezzanine financing and Catlyn Capital Corporation provided equity.