TDI Sells 360-Unit Dallas Asset
A partnership of private investors acquired the year-old property.
TDI has sold Jefferson Cedar Ridge, a 360-unit multifamily asset in Dallas, according to Yardi Matrix data. A joint venture between Ashcroft Capital and Pearlmark Real Estate Partners purchased the property with an acquisition loan of $47.4 million issued by New York Life Insurance Co. The duo renamed the property to Birchstone Cedar Ridge.
The community debuted in 2024, just two years after TDI secured a $46 million construction note, the data provider shows. Birchstone Cedar Ridge comprises 11 buildings, each encompassing one- to three-bedroom floorplans that average 917 square feet. Amenities include three swimming pools, a business center and a clubhouse, among other features.
Located at 6165 Ridge Center Drive, the property is about 14 miles southwest of downtown Dallas. Interstate 20 runs less than 1 mile away, while the interchange it creates with U.S. Route 67 is roughly 3 miles away. More than 1.3 million square feet of retail space is clustered around the intersection.
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TDI is a new company owned by members of development firm JPI. In December 2024, TDI acquired Jensen Fossil Creek from JPI, Yardi Matrix shows. This fully affordable asset of 386 units is also within the Metroplex.
Over the past 35 years, JPI has delivered more than 370 communities comprising north of 115,000 units, with a value exceeding $18 billion, according to its website. Japan-based Sumitomo Forestry bought the firm for $215 million in 2023. Following the purchase, JPI expanded back into the Southeast, a region it had initially retreated from during the global financial crisis.
Dallas’ multifamily units get more expensive
Investors traded approximately 45,800 units across Dallas-Fort Worth during 2025’s first 10 months for an estimated total multifamily transaction volume of $3.3 billion, the data provider shows.
Nearly 18 percent more apartments traded year-to-date through October compared to the same period of last year, according to the same source. Additionally, units also got pricier, by 2.3 percent, selling for an average of $164,908.
Another recent deal closed just last month. Centennial Holdings Co. acquired a 354-unit community in Cedar Hill, Texas. Beachwold Residential sold the property in a deal arranged by Institutional Property Advisors.
