To meet housing demands of a projected population explosion, the company is simultaneously hard at work on two side-by-side communities, totaling 520,828 sf, being built on 30.5 acres at the intersection of FM 2222 and Texas 620. The 241-unit Jefferson Lake and 310-unit Jefferson Canyon will be completed in May 2002, Greg Smyrl, JPI's regional asset manager, tells GlobeSt.com. The projects are situated in northwest Austin on land parceled off from the Four Points development of Hillwood Development in Ft. Worth.
The neighboring projects will boast different exteriors, but carry similar base rental rates and floor plans. The units will range from 644 sf up to 1,341 sf, with base rents of $1.06 per sf up to $1.14 per sf. Smyrl says JPI plans to start pre-leasing the properties after the first of the year.
This isn't the first time that JPI has constructed neighboring projects simultaneously in the state capital. Jefferson Scofield Ridge and Jefferson Scofield Farms are separated by a road.
JPI Apartment Construction is serving as general contractor for the project designed by Fusch Serold, a Dallas architectural firm. JPI had broken ground on the dual projects about three weeks ago.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
