Pacific Life Acquires North Texas Community
- Apr 11, 2019
Pacific Life has acquired Jefferson LasCo, a 422-unit Class A multifamily community in Las Colinas, Texas, from JPI. The former owner developed the property just last year and in that short time, the community has been a top performer in the submarket.
“We are the most active developer in the Dallas-Fort Worth area from a multifamily perspective, based on number of units under construction,” Matt Brendel, JPI’s division president & managing partner for the Central Region, told MHN. “Our goal is to deliver best-in-class communities but also constantly in the market selling our communities when it is the right time, and for this property, it was a win-win.”
Currently, JPI has four other communities in the Las Colinas submarket, and is bullish on the long-term growth of the market.
“Las Colinas has been a tremendously successful master-planned urban center for many years, with a daytime population of over 130,000 people, 27 million square feet of office space and almost 3 million square feet of retail space,” Brendel said. “It’s the largest office park in North Texas and includes seven Fortune 500 companies.”
The immediate area has access to numerous restaurants, entertainment venues and retail stores. The property is conveniently located near the Toyota Music Factory, Lake Carolyn and the Las Colinas Urban Center DART rail station, making it easy for commuters. The community is also adjacent to the Campion Trail.
In February, JPI began construction at Jefferson Texas Plaza, a 282-unit community in Dallas, the company’s 10th project in the Irving-Las Colinas submarket.