Developer JPI/TDI Begins Construction of Jefferson Heights Luxury Multi-Family Project in Houston, Texas
Irving, Texas (June 23, 2014) – JPI/TDI companies a leader in the development of Class A multi-family housing, has begun construction on a 198-unit luxury multi-family community in Houston, Texas, within the Heights submarket along the vibrant Washington Corridor. The community is called Jefferson Heights and is located at 1520 N. Memorial Way. Construction is expected to be completed in Fall 2016.
“This is a high profile location and the ideal setting for this project,” said Blake Ingram, Vice President and Investment Manager. “We will offer the market a superior product with unprecedented views of the city and unparalleled connectivity to several major Houston employment centers. Jefferson Heights will be an ideal home for both young and seasoned professionals.”
Jefferson Heights is being developed on 1.47 acres adjacent to downtown Houston. Apartment homes will offer one and two bedroom floor plans ranging from 607 to 1,253 square feet. Units will feature granite counter-tops, stainless steel appliances, nine foot ceilings, large closets, garden tubs, separate showers, as well as washers & dryers.
The community will offer amenities including, downtown views, a resort-style pool overlooking downtown, three courtyards, fire pits, outdoor kitchen and grill area, Wi-Fi in common areas, coffee bar and a state-of-the-art fitness center. The community is less than 1 mile from the theater district and less than 3 miles to Houston’s world renowned museum district.
Jefferson Heights will provide convenient access to major employment centers in or near Houston via Highway 45, Interstate 10, Highway 610 and direct access to Memorial Avenue. A wide assortment of retail, dining and entertainment venues are located within minutes of the property. The community will also feature convenient access to the Buffalo Bayou hike & bike trails and park.
Construction loan was provided by Texas Capital Bank, the remaining capitalization was arranged by JLL (Jones Lang LaSalle L.P) in the form of a mezzanine loan which was provided by Parse Capital and equity financing from a well-established institutional equity provider.
JPI/TDI (www.jpi.com) currently has 3,097 units under construction in Texas, New York and Arizona and has asset management responsibilities over 6,400 units nationwide. In addition, JPI/TDI has plans to develop an additional 1,300 units over the next 12 months that are in various stages of planning and predevelopment and is currently raising capital to complement their venture platforms in order to fund their expansion and business plan. The firm offers investment management, pre-development, underwriting, marketing and asset management services as well as construction, financial and administrative services. To learn more about JPI/TDI, please visit www.jpi.com.
David Margulies/Katherine Quintero
The Margulies Communications Group