Steve Brown, Real Estate Editor
With 50,000 apartments under construction in North Texas, there’s plenty of business to go around.
But a couple of builders top the list of the biggest apartment developers in the Dallas-Fort Worth area, according to analyst Axiometrics.
Irving-based JPI led the area in apartment building in 2016, with more than 3,100 units under construction. Dallas-based Trammell Crow Residential was the second-biggest local apartment builder, with almost 2,000 units under construction last year.
JPI topped the apartment-building list in 2015, too.
“Holding the top ranking for most apartment homes under construction for the second year in a row is truly humbling,” said Matt Brendel, senior vice president and development partner at JPI.
JPI just announced plans for two rental projects, in Richardson’s Telecom Corridor and in Farmers Branch.
The two projects include almost 850 apartments.
“We’re constantly evaluating opportunities in the market and are selectively looking for ways to provide our investment partners the best risk-adjusted returns,” Brendel said. “We have identified four or five deals already in 2017 with project costs between $250 million and $300 million.
“We continue to see extraordinary demand for high-quality apartment communities throughout the D-FW metroplex, especially near major employment centers.”