Press Release: JPI Closes Sale of Jefferson Las Colinas Property
IRVING, Texas (June 27, 2016) – JPI, a leader in the development of Class A multi-family housing, today announced the close of sale of Jefferson Las Colinas, a new 386-unit property in the heart of the sprawling Las Colinas Urban Center. The property traded at an undisclosed price and was 87% percent leased due to its’ exceptional central location, expanding transit service, unique lake system, large critical mass of existing office workers and residents, and adjacency to one of the region’s great natural assets – the Trinity River and Campion Trail.
“Jefferson Las Colinas represents a crowning acheievement for JPI as we continue to design and develop market leading properties that provide the best risk adjusted returns for our investors,” said Matt Brendel, senior vice president and development partner. “As one of the central properties within the the city’s Urban Center, Jefferson Las Colinas accomplishes the success of our most important objective – building and delivering dynamic, enduring communities.”
Apartment Realty Advisors, a Newmark company, assisted in the sale of the property which was developed and built by JPI in 2015. Sitting on approximately 6 acres, Jefferson Las Colinas is a trophy asset with an exceptional location, unsurpassed amenities, and best-in-class interior finishes including 5th floor “VIP” units for the most discerning residents. Community amenities include a professionally-decorated 10,000 SF Leasing Office, state-of-the-art fitness and business centers, a swimming pool that truly defines the concept of “resort-style,” five outdoor courtyards, and a two-story WiFi Café that includes several lounging areas, an interior water wall, and game tables for pool, shuffleboard, and poker.
With the completion of the Orange Line that runs to DFW International Airport, Jefferson Las Colinas residents can enjoy direct access to DART stops throughout Dallas, Plano, Irving, and DFW International Airport. In addition, the Irving Convention Center DART stop is an approximate five minute walk from the property.
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 raise 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.
About ARA, A Newmark Company
ARA, A Newmark Company is the largest full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student, manufactured housing and multihousing land. ARA Newmark is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA Newmark’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of global resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $13.4 billion in real estate transactions in 2015. For detailed information on ARA Newmark’s extensive multihousing investment services, visit www.aranewmark.com.
JPI MEDIA CONTACT: