JPI’s Not Fooling Around: 4,000 DFW Units in the Works
Metroplex multifamily slowdown? Not for JPI. The national developer, builder and investment manager of Class-A multifamily assets has about 1,600 units started in DFW this year and another 1,600 projected to start in 2016. So, who better to talk the future of multifamily at Bisnow’s Dallas 2016 Economic Forecast event on Dec. 1 than JPI development partner and SVP Matt Brendel?
The three latest JPI Dallas-area starts began recently with Jefferson Riverside, Jefferson Stonebriar and Jefferson Galatyn Park, Matt (with his family) tells us. After breaking ground on these projects, JPI is on track to be one of the largest multifamily developers in DFW with nearly 2,500 apartment homes under construction or recently completed (with projected starts, that number will rise to about 4,000). Jefferson Riverside, at the southwest corner of Northwest Highway and Riverside Drive in Las Colinas, will include 371 apartments. Jefferson Stonebriar, at the northeast corner of Gaylord Parkway and Ohio Drive in Frisco, will include 424 units. Jefferson Galatyn Park, at the southeast corner of Galatyn Parkway and Performance Drive in Richardson, will include 379 units. The communities will start leasing next summer with completion scheduled for 2017. There are another 1,100 units in the works in Houston and Austin combined, he tells us.
What you’re seeing today is a great demand story in Dallas-Fort Worth, Matt says. There are almost 100,000 jobs created annually. While that pace won’t likely continue forever, when it slows down, it will still be trending in a positive direction. Plus, some of these large corporate relocations (Toyota and Liberty Mutual, for example) haven’t moved in and opened. Once they occur, the companies that support them will start to relocate as well and the multifamily market will see some additional growth there. The Dallas market is 95% occupied. Supply should peak at the end of 2016 and decrease from there, Matt speculates, because of the increasing hard costs and difficulty in finding sites. Jefferson Riverside rendered here.
JPI is bullish on Dallas and Austin; the main reason is job growth. Las Colinas, in particular, has had a lot of bulk office vacancies that are beginning to fill in, he says. Las Colinas has always been one of the institutional markets that investors embrace with location and proximity to DFW Airport, on the DART line and all the high-paying jobs. He’s also keen on Legacy, Richardson and along the North Dallas Tollway, not to mention the CBD and Uptown. For Thanksgiving, Matt is heading to the Ozarks with his wife and three children, ages 17, 8 and 4. They’ll spend the holidays at Big Cedar Lodge with all the grandparents. Pictured: Jefferson Las Colinas
Don’t forget to register now for Bisnow’s Dallas 2016 Economic Forecast event on Dec. 1 at the Sheraton Dallas Hotel.
