JPI Sells 371-Unit Luxury Community in Texas
- Dec 04, 2018
Texas-based multifamily developer JPI Cos. has sold a master-planned community located at 655 Promenade Driveway in Irving’s Las Colinas district. The 371-unit mid-rise development dubbed Jefferson Riverside is expressly designed to target area residents.
Institutional Property Advisors (IPA) brokered the sale of the property to an undisclosed buyer.
“The challenge occurred during lease up,” Scott Langley, vice president of asset management for JPI’s Central Region, told Multi-Housing News. “Though there was heavy competition in the market, the team was able to complete the lease up at Riverside averaging 25 net leases per month. They also preleased out of a trailer from February 2017 to April 2017. During that time, they achieved 38 net leases (or) 10 percent of the property. This created a strong momentum before the clubhouse and first units even opened.”
Jefferson Riverside offers one- and two-bedroom units ranging between 610 and 1,517 square feet. According to Yardi Matrix, monthly rents start at $1,075 for a one-bedroom and go up to $2,514 for a two-bedroom unit.
Steps to transit
Built by JPI last year, Jefferson Riverside is set on a 4.68-acre parcel in Irving’s Las Colinas district, within walking distance of a DART rail station. It is also with steps of the new Toyota Music Factory, an entertainment destination featuring The Pavilion, a concert venue and Alamo Drafthouse, a setting that offers a number of dining and nightlife options.
“We’ve called Los Colinas home for a long time,” said Matt Brendel, division president and managing partner from JPI’s central region. “Las Colinas has experienced unprecedented growth over the last few years. It gives us great pride to deliver another top-of-the-line community to this area, a place that residents can be proud to call home.”
Jefferson Riverside features two private courtyards, fitness center with yoga studio, clubhouse with 24-hour Uber pickup area, 24-hour game center, fifth-floor amenity deck overlooking Lake Carolyn, Luxer One package lockers and Avenue C micro-market.
Partners in Jefferson Riverside include Fifth Third Bank, the senior lender; Faulkner Design Group, the interior designer; architect JHP; and ZRS, the property management company.
In October, JPI broke ground on Jefferson River East, a 400-unit community in Fort Worth, Texas.
Image courtesy of JPI