Category Archives: New Developments

Never Been Hotter: Rents and new rental communities rising in N. Texas.

FRISCO — This summer, we have been exploring the extraordinary things happening in North Texas real estate. But the “hottest market ever” doesn’t just apply to owning.

Rents — and new rental developments — are rising fast, too.

We visited a 400+ unit project being erected in Frisco called Jefferson Stonebriar. Models feature more natural light and an unusually airy feeling for an apartment.

“Today, we have 10-, 12-, 14-foot ceilings,” said Brad Taylor, the regional managing partner at JPI. And he says JPI is working on a project that includes apartments with even higher ceilings.

In addition, they are increasingly using premium finishes.

“These are all custom home features: Mosaic glass cut backsplash. These are quartz countertops, similar to what you would find in a custom home. Stainless steel appliance package,” Taylor said.

brad-taylor
Brad Taylor   (Photo: WFAA)

New apartments sure don’t look like they used to. But they don’t cost like they used to, either.

Taylor acknowledges that the new level of amenities fetches a new level of rent. Many of the apartment units under construction in DFW are considered ‘luxury’ developments. Because of that, Taylor says the lower priced ‘starter’ apartment is generally a developmental generation or two old.

The market is changing a lot. JPI is the largest apartment builder in North Texas right now, and that’s saying something, because North Texas is a standout in apartment construction.

“It is the number-one building center in the U.S.,” said Greg Willet, chief economist for RealPage. He told us there are currently nearly 50,000 apartment units under construction here, which is a staggering figure.

“That’s is about one-in-ten of every apartment on the way across the country,” Willet said.

He attributes most of the growth to workers moving here for jobs, “And newcomers do tend to rent before they buy.”

Even those who would rather buy are finding it’s not cheap.

“If you want to be in Frisco today, it is very difficult to find a home under $400,000,” Taylor said.

Because of that, Taylor says there is minimal pushback from consumers on rising rents.

“Rent growth is the highest it has ever been; above the six-percent mark,” Willet said.

Data from Axiometrics shows rents have steadily climbed in recent years to record levels in North Texas:

                              Dallas-Plano-Irving                          Fort Worth-Arlington

July 2010                            $827                                                   $751

July 2011                            $894                                                   $799

July 2012                            $934                                                   $827

July 2013                            $973                                                   $858

July 2014                            $1,015                                                $900

July 2015                            $1,078                                                $963

July 2016                            $1,134                                                $1,020

Part of the reason for the soaring rates is that only about four percent of North Texas’ 750,000 apartments are vacant. That’s why JPI, which is currently constructing about 2,000 units, plans to start about 2,000 more by the end of the year.

And still, they say they’re not building fast enough to keep up with demand from those who are ready to move in. So they’re having to get creative to show prospective residents what they will be getting.

News 8’s Jason Wheeler tours a finished apartment in virtual reality.   

Prospective tenants who can’t go into active construction sites can now put on a pair of virtual reality goggles and see a development in all its splendor, even though, in reality, it’s still weeks and perhaps even months from completion.

Speaking of looking into the future, builders and analysts alike expect the blistering pace of apartment construction to cool off by the end of next year, but still stay above historic averages. And with so many new units coming online, they expect rent hikes will cool off some, as well — but also stay above historic averages.

READ MORE

Apartment builder JPI joins Dallas’ West Love development

1468510376-REALLOVE_0325BUS_49626117
Apartment builder JPI plans to develop hundreds of rental units in the 35-acre West Love mixed-use project near Dallas’ Love Field.

By Steve Brown
Real Estate Editor

Published: 14 July 2016 10:35 AM
Updated: 14 July 2016 10:35 AM

One of North Texas’ top apartment builders will develop a rental community in the $200 million West Love development near Dallas’ Love Field.

Irving-based JPI plans to build hundreds of apartments in the project on Mockingbird Lane at Maple Avenue.

The first phase will include almost 370 units.

JPI hopes to start building the rental community in September, said senior vice president Matt Brendel.

Construction is already underway in the 35-acre West Love project on two hotels – Aloft and Element – that will total 244 rooms. The $49 million hotel project opens next year.

And developer KDC is seeking tenants for a 150,000 to 200,000-square-foot office building it plans to build next to the hotels and apartments.

A shopping center along Mockingbird rounds out the development.

“JPI is our partner on the multifamily component,” said Jorge Ramirez, partner of Highridge Partner, which put together the West Love project. “We have recently started utility construction in support of the apartments and expect to begin building construction in 30 to 45 days from now.”

Highridge Partners almost eight years ago bought and cleared the West Love development site located between the airport and Stemmons Freeway. They kept the property through the economic downtown are now developing the project.

JPI has more than 3,000 apartments under construction in Texas, California, Arizona, New York and Massachusetts.

In the Dallas area JPI is building in Las Colinas and Frisco.

READ MORE

JEFFERSON STADIUM PARK DEVELOPMENT APPROVED

Anaheim City Council votes unanimously on 17.6-acre master-planned community

Anaheim, CA (June 27, 2016) – JPI, a leader in the development of Class A multi-family housing, received unanimous approval from Anaheim’s Mayor and City Council for Jefferson Stadium Park, a 17.6-acre prime real estate site located in the prestigious Platinum Triangle in Anaheim, California – directly adjacent to Angel Stadium of Anaheim, on the southwest corner of State College Boulevard and Gene Autry Way.

A $364 million development, scheduled to break ground in December 2016, Jefferson Stadium Park is a 1079-unit luxury apartment community, which includes a 1.1-acre public park, and 14,600 sf of community-oriented retail space.

“Jefferson Stadium Park is representative of the ideals of Anaheim’s Platinum Triangle, embodying the highest level of architectural features centered around an environment that encourages community engagement and activation of key boulevards in the Triangle”, said Anaheim Mayor Tom Tait.

Residents of Jefferson Stadium Park will have access to Anaheim’s Regional Transportation Intermodal Center (ARTIC), as well as year-round entertainment, including Major League Baseball’s Los Angeles Angels of Anaheim, and the National Hockey League’s Anaheim Ducks. The development is just one mile away from the Downtown Disney Shopping District, Disneyland and California Adventure theme parks. Also nearby is the public marketplace of the Anaheim Packing District.

This is the second project for JPI in Anaheim’s Platinum Triangle. Currently under construction is the $120 million Jefferson Platinum Triangle, a 400-unit luxury apartment community located near the intersection of State College Blvd., and Katella Avenue, scheduled for occupancy in Fall of 2017.

“Jefferson Stadium Park represents an additional $364 million investment that JPI has committed to Anaheim”, said Heidi Mather, Senior Vice President and Development Partner. “Anaheim’s Platinum Triangle is a model for development efforts that encourage new projects, enhancing quality living experiences for the community. This new project only strengthens our commitment to be a part of the revitalization of this core area of Anaheim.”

JPI’s Western Regional Division is based in San Diego, and has developed 15 luxury apartment communities throughout California totaling over 5,800 units. Additionally, the western division just announced the closing of two development projects in Arizona: Jefferson Town Lake – a $57 million project which broke ground earlier this month; and Jefferson Chandler, a $50 million project anticipated to close in July, and scheduled to break ground later this summer.

“JPI’s foundation is its commitment to building world-class apartment homes that contribute to the fabric and economy of local communities”, said Todd Bowden, Managing Development Partner of JPI’s Western Region. “Southern California, in particular, is a key market focus for JPI. Our development work with the City of Anaheim has been an exceptional experience.”

Project Renderings:

pic1 pic2 pic3

About JPI
JPI is a national developer, builder and investment manager of Class A multifamily assets in select US markets, headquartered in Texas, with offices in California, Arizona and New York. With a 30-year history of successful developments throughout major US markets and an unparalleled depth of industry-specific experience, JPI stands among the most active privately held real estate companies in the country. JPI’s executive leadership team has an average of 25 years of comprehensive experience in multifamily developments – ranging from low density garden apartments, mid to high density wrap and podium projects, student living housing projects and mixed-use high rise developments. The firm offers investment management, pre-development, underwriting, marketing and asset management services as well as construction, financial and administrative services. To learn more about JPI, please visit www.JPI.com.

JPI BEGINS PLANS TO CONSTRUCT SECOND PROJECT IN ANAHEIM

Closes on purchase of 17.6 acres adjacent to Anaheim Angel Stadium

Irving, Texas (January 22, 2016) –JPI, a leader in the development of Class A multi-family housing, has closed on the purchase of 17.6 acres of prime real estate located in the prestigious Platinum Triangle in Anaheim, California. JPI is working with the City of Anaheim to entitle a three-phase, 1079-unit, mixed-use luxury apartment community (Jefferson Stadium Park) directly across the street from Angel Stadium of Anaheim on the southwest corner of State College Boulevard and Gene Autry Way.

JPI is currently constructing Jefferson Platinum Triangle – a 400 unit luxury apartment community, scheduled to open next year, less than a mile from the proposed Jefferson Stadium Park.

“JPI values its partnerships with cities across the nation in developing housing communities that contribute to the fabric of local economies. The city of Anaheim’s Platinum Triangle is a prime example of government getting it right, in so many ways. JPI made a commitment to invest in the community several years ago,” said Heidi W. Mather, JPI Western Region Senior Vice President. “The Jefferson Stadium Park development only strengthens our commitment to become a partner in the revitalization of this core area of Anaheim.”

Residents of  the proposed Jefferson Stadium Park will have access to Anaheim’s Regional Transportation Intermodal Center (ARTIC), and Anaheim Rapid Connect (ARC) – a proposed streetcar system that would provide service over a 3.2 mile corridor (approximately 6.4 miles of track), connecting residents, workers, and visitors to ARTIC and other points of interest in Anaheim.

Jefferson Stadium Park, an approximate $364 million project, is scheduled to break ground at the end of 2016, with initial occupancy scheduled for 2018.

JPI’s proposed Jefferson Stadium Park includes a 1.1-acre public park, and resort-style amenities. “JPI has a long history of building living experiences that contribute to the quality of life for families throughout the country. Anaheim’s Platinum Triangle is creating new commerce and new employment hubs. Building luxury apartment homes within these new economies is a key focus for JPI”, said Mather.

Jefferson Platinum Triangle is centrally located within the City of Anaheim’s prestigious Platinum Triangle District – an 840-acre transit-oriented urban development, guided by the Platinum Triangle Master Land Use Plan which is bringing high-density, mixed-use, office, restaurant and residential projects to the heart of Orange County.

About JPI
JPI is a national developer, builder and investment manager of Class A multifamily assets in select US markets, headquartered in Texas, with offices in California, Arizona and New York. With a 30-year history of successful developments throughout major US markets and an unparalled depth of industry-specific experience, JPI stands among the most active privately held real estate companies in the country. JPI’s executive leadership team has an average of 25 years of comprehensive experience in multifamily developments – ranging from low density garden apartments, mid to high density wrap and podium projects, student living housing projects and mixed-use high rise developments. The firm offers investment management, pre-development, underwriting, marketing and asset management services as well as construction, financial and administrative services. To learn more about JPI, please visit www.JPI.com.

Construction could begin by year’s end on $364 million apartment complex near Angel Stadium

Construction is expected to begin by the end of the year on Jefferson Stadium Park, a $364 million complex with 1,079 apartment units, 9,800 square feet of commercial space and a 1.1-acre park across the street from Angel Stadium.

Construction is expected to begin by the end of the year on Jefferson Stadium Park, a $364 million complex with 1,079 apartment units, 9,800 square feet of commercial space and a 1.1-acre park across the street from Angel Stadium.

ANAHEIM – Construction could begin by the end of the year on a $364 million, mixed-use complex with 1,079 apartment units, 9,800 square feet of commercial space and a 1.1-acre park across the street from Angel Stadium.

If approved later this year by Anaheim’s Planning Commission, the project – known as Jefferson Stadium Park – would span 17.6 acres on the southwest corner of State College Boulevard and Gene Autry Way. The complex’s first of three phases would open in 2018.

“JPI made a commitment to invest in the community several years ago,” said Heidi Mather, a vice-president for developer JPI. “The Jefferson Stadium Park development only strengthens our commitment to become a partner in the revitalization of this core area of Anaheim.” Read More

JPI Completes Luxury Multi-Family Development in Fast Growing Richardson Market

Irving, Texas (date) – JPI, a leader in the development of Class A multi-family housing, has completed Jefferson Center, a 360-unit luxury multi-family community in the Richardson submarket north of Dallas, Texas near the intersection of President George Bush Turnpike and Custer Parkway.
“The Richardson submarket has been one of the fastest growing in terms of job growth and business expansion,” said Matt Brendel, JPI Development Partner. “Our apartment homes are available for lease as major corporate development is bringing thousands of new jobs to the area.”
Located at 955 West President George Bush Highway, Jefferson Center is developed on a 30-acre site near the University of Texas at Dallas and less than two miles from CityLine, the new mixed-use development under construction near the intersection of Central Expressway and President George Bush Turnpike that will be anchored by the offices of State Farm Insurance.
The community offers extensive amenities including a resort-style pool, grilling and cabana areas, a coffee bar, two clubrooms, beach volleyball courts, an event lawn with outdoor movie theater, a dog park, playgrounds, and two state-of-the-art fitness centers (one dedicated to yoga, CrossFit and Fitness on Demand). The apartment homes offer one, two or three bedroom floor plans ranging from 650 to more than 1,500 square feet. Units feature granite counter-tops, stylized hardwood flooring throughout the living areas, kitchens and baths, stainless steel appliances, garages, private yards and full-size washers and dryers.
“Jefferson Center is unique in the suburban Dallas multi-family market,” said Brad Taylor, JPI Managing Regional Partner. “The level of recreation opportunities and greenspace is unprecedented in the area, including 14.32 acres of greenspace on the 30-acre site (47.73 percent).”
Jefferson Center provides convenient access to major employment centers in or near Dallas via President George Bush Turnpike, Central Expressway, Dallas Parkway and the DART Red Line. A wide assortment of retail, dining and entertainment venues are located within minutes of the property.
Senior financing for construction of the property was provided by Texas Capital Bancshares, Inc., Behringer Harvard Multifamily REIT I, Inc. provided mezzanine financing, and Catlyn Capital Corporation provided equity.
About JPI
JPI currently has 2,290 units under construction in Texas, New York and Arizona and has asset management responsibilities over 6,400 units nationwide. JPI has plans to develop an additional 1,600 units over the next 12 months that are in various stages of planning and pre-development and is currently raising capital to complement their venture platforms in order to fund their expansion and business plan. The firm offers investment management, pre-development, underwriting, marketing and asset management services as well as construction, financial and administrative services.  To learn more about JPI, please visit www.jpi.com.

Media contacts:
David Margulies/Katherine Quintero
The Margulies Communications Group
(214) 368-0909  

Source: JPI

Anaheim developments revive city’s vision of a new downtown for O.C.

Jefferson Platinum TriangleAnaheim’s Platinum Triangle neighborhood is finally showing signs of life following a downturn that mothballed the city’s vision of a new downtown for Orange County.

In the latest example of growing developer interest in the area, a Texas developer plans to break ground Thursday on a 400-unit apartment complex along Katella Avenue near Angel Stadium. The $119-million luxury project will rise on a 7.6-acre vacant plot that the developer, JPI, purchased last month.

“It feels like a great time to be breaking ground in the Platinum Triangle,” said Gus Villalba, the western region executive vice president for JPI, based in Irving, Texas. “It’s just now starting to pick up momentum.”

In all, city plans allow for nearly 20,000 residential units and about 19 million square feet of commercial and office space in the Platinum Triangle, an 820-acre swath surrounding Angel Stadium, the Honda Center and the City National Grove of Anaheim. A street car has also been proposed that would connect the neighborhood with Disneyland and Anaheim GardenWalk.

The recession sidelined plans for a new downtown, but several projects are now underway. As of mid-December, there were 1,038 residential units under construction in the area, according to the city. And last month, Anaheim’s new, glistening $188-million transportation center and train station, known as ARTIC, opened… Read More