JPI Closes on Multifamily Property Sale in Own Backyard
The property is located near JPI’s headquarters in Irving in the heart of the Las Colinas master-planned community in the Dallas-Fort Worth region. Jefferson Riverside was developed and built by JPI in 2017.
LAS COLINAS, TX—Multifamily housing development firm JPI reports it has closed on the sale of the 371-unit Jefferson Riverside development here.
The property is located near JPI’s headquarters in Irving in the heart of the Las Colinas master-planned community in the Dallas-Fort Worth region. Jefferson Riverside was developed and built by JPI in 2017 and sits on 4.68 acres within walking distance of a DART rail station.
The community is also within walking distance of the new Toyota Music Factory, a world-class entertainment destination that contains The Pavilion, a groundbreaking concert venue; an Alamo Drafthouse, and numerous dining and nightlife options.
No financial terms of the transaction or the identity of the buyer were released. Partners on the Jefferson Riverside project include: Fifth Third Bank – senior lender; Faulkner Design Group – interior design; JHP – architect; JPI – owner/general contractor; Institutional Property Advisors – broker and ZRS – property management company.
“We’ve called Las Colinas home for a long time,” said Matt Brendel, division president and managing partner for JPI’s central region. “Las Colinas has experienced unprecedented growth over the last few years. It gives us great pride to deliver another top-of-the-line community to this area—a place that residents can be proud to call home.”
Jefferson Riverside features a clubhouse with a unique 24-hour Uber pickup lounge, a resort-style pool, 24-hour game lounge, Luxer One package lockers, a convenient shipping package storage option, Avenue C micro-market, two private courtyards, a state-of-the-art fitness center with yoga studio and a fifth-floor amenity deck overlooking Lake Carolyn.
JPI is the most active multifamily developer in Dallas-Fort Worth, with more than 4,000 apartment homes under construction. JPI also has offices in California, Arizona and New York.