JPI marks ninth asset transfer to Lone Star Funds with sale of Jefferson Woodlands
JPI has announced the sale of Jefferson Woodlands, a 364-home, 15-acre multifamily community located in Garland to an affiliate of Lone Star Funds, marking JPI’s ninth individual asset sold to the private equity firm in the past 12 months. In August and October of 2020, JPI and Lone Star closed two separate bulk transactions that encompassed eight multifamily communities and more than 3,000 apartment homes.
Jefferson Woodlands, 4501 N. Garland Ave., is JPI’s first development in Garland, a growing North Dallas suburb made up of more than 238,000 residents.
“Standard to all JPI properties, Jefferson Woodlands is backed by our extensive sub-market research, which identified the City of Garland and this neighborhood as one of North Texas’ most desirous places to live, work and play,” said JPI Senior Vice President and Regional Development Partner Blake Taylor. “JPI is humbled by Lone Star’s continued confidence in our methods, and we’re committed to maintaining our best practices and methods for years to come.”
“JPI has proven itself to be an industry leader in developing expertly designed and built apartment communities, and we continue to be impressed by their dedication to excellence, even in a year as tumultuous as 2020,” said Bob Ricci, Senior Managing Director at Lone Star. “Jefferson Woodlands is the ninth JPI community acquired by an affiliate of Lone Star, which we see as a testament to our strong partnership and the brighter days ahead.”
The community began leasing in 2019 and has proximity to major employment hubs in both Garland and Richardson, including Richardson’s Telecom Corridor, the Texas Instruments campus, State Farm Insurance and more.