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JPI Moves Ahead With Multi-Family Deals

MARLBOROUGH, MA-The company will break ground on a $30-million, 274-unit luxury apartment complex, with others close behind.

By Joe Clements | Updated on August 22, 2000

To Andrew Kaye, patience is more than just a virtue. It can also be a profit, especially when it comes to developing multi-family real estate in Massachusetts.

As Northeast regional manager for JPI, a national REIT focused on the apartment sector, Kaye is finally seeing nearly five years of effort pay off with the approval or near-passage of several major apartment communities throughout the state. In most cases, including a $30-million project slated to break ground next week in Marlborough, Kaye says the bulk of the time has been spent securing local and state approvals for the developments.

“We’re committed to this market, but the challenge and the risk has always been in the approval process,” he says. “It’s certainly not for the faint of heart.”

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