Three Texas Firms Building $1B Multifamily Portfolio

Three Texas-based real estate firms are partnering to build nine multifamily communities in Texas, a $1B portfolio aiming for a total of 3,300 units.

JPI and WayMaker, both based in Irving, TX, and Lubbock-based Madera Residential announced the joint venture this week.  The partners specified five projects nearing completion in North Texas encompassing a total of 1,750 Class A units in communities.

The joint venture also said in a release that it expects to start construction on four additional multifamily projects in Texas, totally another 1,250 units, by the end of 2022.

The North Texas communities now under construction include Jefferson Grandscape, a 319-unit “wrap-style” community located with the larger Grandscape mixed-use development in The Colony, TX, and Jefferson Cedar Ridge, a Class A development located near the southwest corner of Interstate 20 and Cedar Ridge Drive in Dallas.

Also under construction is Jefferson Railhead, a 453-unit wrap style community located on Legacy near Main Street in Frisco, TX; Jefferson Northlake, a 360-unit community located at the northeast corner and State Highway 114 and Ashmore in Northlake, TX; and Jefferson Peninsula, a 283-unit community on Lake Ridge Parkway near Estes Park in Grand Prairie, TX.

The partners are aiming for best-in-class living experiences and top of market amenities throughout the portfolio, including the use of Quext IoT’s “smart apartment” platform to enhance the resident experience.

Lubbock-based Quext integrated IoT smarthub software includes smart door locks and thermostats designed for multifamily properties, according to the company’s website.

JPI, a national developer and investment manager of Class A multifamily assets, now has more than 5,000 units under construction, according to the company’s release.

Since 2008, Madera Residential has acquired more than 100 properties encompassing 28,000 units in the Dallas/Fort Worth Metroplex, Houston and Austin. Nationwide, the company currently manages more than 45 properties with a total value of more than $2B.

The three partners are participating in a value-based funding contribution to Apartment Life, a faith-based non-profit that helps apartment owners care for residents by connecting them in relationships, according to its website.

“Our desire is to serve and love on all our constituents, residents, investors and partners, and this portfolio in conjunction with our community engagement leadership with Apartment Life represents an exceptional opportunity to do just that,” said Keith Dunkin, WayMaker president, in a statement.