JPI JV to Build Major Project in Dallas Multifamily Real Estate News
JPI announced its plan to build a five-building, 1,750-unit multifamily development in Irving, Texas. Buildings include Jefferson Railhead, Jefferson Grandscape, Jefferson Cedar Ridge, Jefferson Northlake, and Jefferson Peninsula. JPI is developing the project in joint venture with Madera Residential and Waymaker as part of a larger project of nine buildings and 3,300 housing units valued at over $1 billion. Rental of the space has begun, with units available through 2025.
Each building in the development will use Quext IoT, JPI’s chosen smart apartment technology package. The development will be located less than 5 miles from Dallas and less than 25 miles from Fort Worth.
“The DFW market is one of the main markets in the country. As one of DFW’s most active developers, we are very pleased to help meet a growing need for housing and provide 1,750 homes for residents across the metroplex,” said Payton Mayes, CEO of JPI. Multi-housing news. “Ultimately, residents are at the center of JPI’s vision when it comes to designing our properties. Our talented team members work incredibly hard to create spaces that are not only visually impressive, but grounded in intelligent design that connects site, environment and community. Our ultimate goal is to provide a place people can be proud to call home.
The Dallas Demand
The Dallas-Fort Worth metro remains one of the nation’s largest and most desirable areas for multifamily development, as the entire metro area experiences an unprecedented mix of large-scale immigration of residents and relocation of Crown corporations from downtown. The region saw more than $4.8 billion in deals in the first half of 2022, as well as the nation’s largest construction pipeline, with 47,011 units under construction and 6,697 delivered, according to a July 2022 report from Yardi Matrix. . The region’s sales volume also remains the highest in the country at $14.6 billion, with 551 properties totaling 140,000 units sold, according to the same data.
Other transactions in the Dallas-Fort Worth area include 37th Parallel Properties’ acquisition of Creekside South, a 252-unit multifamily community in Wylie, and Archway Equities’ purchase of Toscana Apartments, a garden-style community. of 192 units in Carrollton.