Press Release: JPI Announces Financing of Tempe, Arizona Property for Planned Multi-Family Luxury Apartment Complex on Town Lake
SAN DIEGO (June 27, 2016) – JPI, a leader in the development of Class A multi-family housing, has closed on the construction financing for the Jefferson Town Lake luxury apartment community on nearly two acres of prime real estate located on Tempe Town Lake in Tempe, Arizona. Jefferson Town Lake boasts resort style amenities and waterfront property.
The new community will have direct access to five miles of paths and linear parks surrounding the lake as well as the 25‐acre Tempe Beach Park, which hosts concerts, festivals, and other public gatherings.
“JPI is devoted to building the absolute best multi-family facilities in the world and Jefferson Town Lake represents that commitment,” said Todd Bowden, Managing Development Partner of the JPI Western Region. “The Jefferson Town Lake development capitalizes on Tempe’s thriving community by offering a market leading experience for renters and an unrivaled opportunity for investors.”
JPI West’s Jefferson Town Lake, a $57 million project, broke ground earlier this month with initial occupancy expected in May of 2018. The 244-unit luxury apartment community sits on the shoreline of Tempe Town Lake, which serves as a recreation center for the city of Tempe. The Lake and associated Tempe Beach Park offer residents a multitude of events, recreational activities and athletic facilities.
Additionally, Jefferson Town Lake is located a half mile from Arizona State University and only 1.5 miles from Tempe’s Mill Avenue District, the urban core of Tempe, which is home to over 75 restaurants, 37 shops and 26 nightlife venues.
State Farm’s Marina Heights Campus, the largest office development in Arizona, is
within walking distance of Jefferson Town Lake. The two million square-foot mixed use project is under construction and will consist of five Class A office towers and four stand‐alone retail buildings, employing an estimated 12,000 people. Other nearby corporate headquarters or regional headquarters include: Insight Enterprises, Limelight Networks, LifeLock, First Solar, the Salt River Project, Circle K, Go Daddy, Fulton Homes and Mobile Mini.
JPI is a national developer, builder and investment manager of Class A multifamily assets in select US markets, headquartered in Texas, with offices in California, Arizona and New York. With a 30-year history of successful developments throughout major US markets and an unparalleled depth of industry-specific experience, JPI stands among the most active privately held real estate companies in the country. JPI’s executive leadership team has an average of 25 years of comprehensive experience in multifamily developments – ranging from low density garden apartments, mid to high density wrap and podium projects, student living housing projects and mixed-use high rise developments. 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.