JPI Completes Luxury Multi-Family Development in Fast Growing Richardson Market
Irving, Texas (date) – JPI, a leader in the development of Class A multi-family housing, has completed Jefferson Center, a 360-unit luxury multi-family community in the Richardson submarket north of Dallas, Texas near the intersection of President George Bush Turnpike and Custer Parkway.
“The Richardson submarket has been one of the fastest growing in terms of job growth and business expansion,” said Matt Brendel, JPI Development Partner. “Our apartment homes are available for lease as major corporate development is bringing thousands of new jobs to the area.”
Located at 955 West President George Bush Highway, Jefferson Center is developed on a 30-acre site near the University of Texas at Dallas and less than two miles from CityLine, the new mixed-use development under construction near the intersection of Central Expressway and President George Bush Turnpike that will be anchored by the offices of State Farm Insurance.
The community offers extensive amenities including a resort-style pool, grilling and cabana areas, a coffee bar, two clubrooms, beach volleyball courts, an event lawn with outdoor movie theater, a dog park, playgrounds, and two state-of-the-art fitness centers (one dedicated to yoga, CrossFit and Fitness on Demand). The apartment homes offer one, two or three bedroom floor plans ranging from 650 to more than 1,500 square feet. Units feature granite counter-tops, stylized hardwood flooring throughout the living areas, kitchens and baths, stainless steel appliances, garages, private yards and full-size washers and dryers.
“Jefferson Center is unique in the suburban Dallas multi-family market,” said Brad Taylor, JPI Managing Regional Partner. “The level of recreation opportunities and greenspace is unprecedented in the area, including 14.32 acres of greenspace on the 30-acre site (47.73 percent).”
Jefferson Center provides convenient access to major employment centers in or near Dallas via President George Bush Turnpike, Central Expressway, Dallas Parkway and the DART Red Line. A wide assortment of retail, dining and entertainment venues are located within minutes of the property.
Senior financing for construction of the property was provided by Texas Capital Bancshares, Inc., Behringer Harvard Multifamily REIT I, Inc. provided mezzanine financing, and Catlyn Capital Corporation provided equity.
JPI currently has 2,290 units under construction in Texas, New York and Arizona and has asset management responsibilities over 6,400 units nationwide. JPI has plans to develop an additional 1,600 units over the next 12 months that are in various stages of planning and pre-development 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, please visit www.jpi.com.
David Margulies/Katherine Quintero
The Margulies Communications Group