JPI achieves financial close on Jefferson Innova rental community in Texas

WCN Editorial Team 14 Aug 2019 NORTH AMERICA BUILDINGS

Real estate developer JPI has achieved financial close on Jefferson Innova, the phase two of its under-construction Jefferson Promenade in Las Colinas area of Irving, Texas.

Located at Las Colinas, Jefferson Innova is located close to Toyota Music Factory. The equity partner for Jefferson Innova is CrossHarbor Capital Partners.

The new building will comprise 433 apartment homes spread over five acres and is scheduled to open in 2021.

The building will include a rooftop pet park with grooming station, Uber lounge, resort-style pool, business centre, modern fitness centre with spin and yoga studio, coffee bar, and two outdoor kitchens.

Jefferson Innova will offer its residents access to the Irving Convention Center DART station and is located near the Irving Convention Center and Elm Fork Trinity River.

JPI Central Region development partner and senior vice president Miller Sylvan said: “Las Colinas is JPI’s most active submarket. This is the sixth community we’ve developed here in the past six years.

“The future is really bright for Irving. The dynamics and fundamentals of this area cannot be denied, and we look forward to continuing to play a part in this area’s growth.”

JPI vice president and area development partner Blake Taylor said: “Las Colinas is a high-performing submarket for office space, entertainment and living.

“This is one of the central hubs for the Dallas-Fort Worth metroplex and exemplifies our focus on ensuring a live, work, play environment for our future residents. We’ll continue to be active in this area, which is our own backyard, for the foreseeable future.”

JPI said that it will continue working with a group of A-list consultants within the multifamily industry. Humphreys & Partners has been selected as the architect for the project, while Studio Outside is the landscape architect.

Glenn Engineering is the civil engineer, while United Structural Consultants is the structural engineer and Jordan & Skala Engineers is the mechanical, electrical and plumbing (MEP) engineer. Faulkner Design Group will provide interior design services and lighting will be designed by Scott Oldner Lighting Design.

In July 2019, JPI had sold its Jefferson Chandler property to Dallas-based Rosewood Property. Jefferson Chandler is a 283-home community developed by JPI in 2018 and is managed by Alliance Residential.

Located near Chandler Fashion Center, the building is situated in close proximity to major employment centres, first-class retail and fine dining, offering good connectivity.

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Image: JPI closes financing on Jefferson Innova in Texas, US. Photo: Courtesy of JPI/Business Wire.

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