Apartment developer JPI to build 424-unit apartments in Frisco
Irving-based JPI’s newest property transaction is part of a larger development that will include commercial, retail and residential offerings in one of the region’s most burgeoning job and housing markets.
The urban farmhouse-style community, on the border of Frisco and McKinney, will include 424 apartment homes and is slated for opening in Spring 2022. The project is being developed through a joint-venture with Dallas-based International Capital LLC, a real estate investment manager.
The project is moving forward at a time when Dallas-Fort Worth is on a record-setting pace for apartment construction, delivery of new units and net leasing.
DFW is projected to lead the nation in the number of new apartment units built in 2020. If that happens, it will be the third straight year.
Despite the number of units already in the construction pipeline, there’s abundant demand for more, said Blake Taylor, JPI’s senior vice president and regional development partner, in an interview with the Dallas Business Journal.
“There’s still going to be a need for housing in DFW,” Taylor said. “DFW is our headquarters and our biggest market. We’ll continue to make big investments with development and investment in DFW.”
JPI will start construction on Jefferson at The Grove and another apartment project south of the Las Colinas Urban Center in Irving between now and the end of the year, with 750 units combined, Taylor said. Next year, the developer plans to start construction on four to five communities, with about 1,500 or 1,800 units, he said.
Jefferson at The Grove is part of a larger residential and commercial master plan in Frisco that will consist of more than 17 acres of open space, five planned parks and more than four miles of trails, all near four top-rated Frisco ISD schools.
“JPI is committed to offering best-in-class multifamily housing options that exceed market expectations to the North Texas region, and Jefferson at The Grove is another example of that mission in action,” JPI’s Executive Vice President and Central Region Managing Partner Payton Mayes said in a prepared statement.
International Capital has been an investor in and proponent for the growth of Dallas-Fort Worth’s northern suburbs for many years, said Andreas Bremer, the company’s president and CEO.
“The demand for quality housing continues to remain strong through the pandemic and growing suburbs, like Frisco, will continue to see this accelerated absorption for the foreseeable future,” Bremer said.
Located near the intersection of the Sam Rayburn Tollway and Custer Road, Jefferson at The Grove is close to several booming job hubs in the area, including Plano’s Legacy West, Frisco’s Platinum Mile, Granite Business Park, The Village at Allen and Fairview Town Center. The area is home to numerous Fortune 500 companies, including Toyota Motors, PepsiCo, Frito-Lay, Bank of America, Hewlett-Packard, FedEx and more.
“Even in this tough economy, North Dallas has proven itself to be an attractive destination for prominent companies looking to relocate and for individuals seeking new career opportunities,” said Miller Sylvan, JPI’s senior vice president and regional development partner.
Spread over 18 acres, Jefferson at The Grove will offer residents community amenities including private courtyards, a dog park and grooming area, a resort-style pool with cabanas, a fitness center and indoor exercise studio with spin bikes and upgraded security measures.
Apartment units will have 10-foot ceilings, glass-enclosed showers and large bathtubs, walk-in closets, private yards and balconies, granite countertops, hardwood-style flooring, designer cabinetry, stainless steel appliances and full-sized washers and dryers in all units.
Jefferson at The Grove will be at 16220 Phoebe Road on the southwest corner of Main Street and Custer Road.