JPI has announced a joint venture with Madera Residential and WayMaker for five new projects across the DFW Metroplex, Texas, in US.
These five projects will offer more than 1,750 class A multifamily homes to residents and meet the growing demand for housing in the DFW metroplex.
Once completed, the JV portfolio will include a total of nine communities.
In an agreement between the parties, the first five communities to begin construction are Jefferson Railhead, Jefferson Grandscape, Jefferson Cedar Ridge, Jefferson Northlake, and Jefferson Peninsula.
The firm anticipate commencing four other communities by the end of this year.
The total of nine communities represents more than 3,300 homes, and valued at more than $1bn.
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By GlobalDataJPI CEO Payton Mayes said: “We are grateful for the confidence and trust that these top-tier organizations have invested in JPI’s product.
“The alignment of our core values and our business models leave us excited to work alongside their talented teams and hopeful for future opportunities to work together.”
Madera Residential partner Dave Marcinkowski said: “Our team has long admired JPI for their excellence in execution and market leadership.
“The opportunity to partner with Waymaker in such a values-forward development that also provides our investors access to these world class communities, in one of the hottest markets in the country, is an exciting expansion of Madera’s platform.”
The five communities are being built and leased up between now and 2025.
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Image: Jefferson Railhead. Credit: Business Wire/JPI/Madera/Waymaker.
