JPI Opens 360-Unit Suburban Dallas M-F Property for Leasing
- Sep 26, 2014
One year after kicking off construction of Jefferson Center as part of a project by the JPI/TDI Real Estate family of companies, JPI is now feeding the apartment-hungry metropolitan Dallas market with the commencement of leasing at the 360-unit luxury multi-family community in Richardson, Texas.
There’s a loud cry for rental accommodations in Richardson. The apartment occupancy level in the city is 93.3 percent, nearly one percentage point higher than that of metropolitan Dallas, according to a report by commercial real estate services firm CBRE Group, and demand for rentals continues to rise across the Dallas area despite an onslaught of new developments. “The renter share of all households is climbing,” Matt Brendel, a vice president & development partner at JPI, told Commercial Property Executive. “Luxury apartment communities have always provided a broad and compelling choice of homes for people in all phases of life.”
Jefferson Center’s location within close proximity to large employers in Richardson bodes well for the property. The 30-acre apartment complex sits near the University of Texas at Dallas and roughly two miles from the under-development CityLine mixed-use project, where State Farm Insurance will soon occupy a 500,000-square-foot building and Raytheon will open a 489,000-square-foot campus.
And Jefferson Center certainly garnered the lending community’s attention. Texas Capital Bancshares Inc. provided senior financing for construction, Behringer Harvard Multifamily REIT I Inc. came through with mezzanine financing and Catlyn Capital Corp. served as an equity source.
Jefferson Center is just one of a bevy of projects JPI has in the pipeline across the country, but the multi-family developer is certainly fond of the Lone Star State. “JPI is planning to develop more communities in growing Texas markets including Houston, Austin and Dallas-Fort Worth,” Brendel added. “These markets continue to exhibit strong fundamentals and job growth to support new development.” The numbers tell the story. According to the Texas Workforce Commission, the Texas unemployment rate was just 5.3 percent in August, compared to the U.S. rate of 6.1 percent, and annual employment growth was 3.5 percent.