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Bisnow Exclusive: DFW's Most Active Developer Launches Two More Multifamily Developments

WASHINGTON DC 08.16.2017

ALEXANDRIA STATE OF THE MARKET

The Premier Event on Alexandria's CRE Market

Austin Flajser -- Carr Hospitality/Carr City Centers
Bob Cohen -- Perseus Realty
Sean Caldwell -- Mill Creek Residential

JPI was recently named the most active multifamily developer in the DFW area by Axiometrics, and it just broke ground on two more communities to add to its lead. JPI SVP and development partner Matt Brendel talked to Bisnow exclusively about the new projects, Jefferson Galatyn Park and Jefferson on Lake Carolyn.

Matt tells us that although the global economy is a bit choppy, DFW’s multifamily fundamentals are strong: occupancy is over 95% while rent growth exceeded 5% in 2015 and is forecast over 3% in 2016 to 2018. Job growth is the biggest driver of the demand for apartment homes, and the number of corporate relocations to DFW has created tremendous momentum for local job growth. In 2015, DFW created 100,000 jobs and it's forecast to create 90,000 jobs per year from 2016 to 2018.

When he’s not closing deals and monitoring all of JPI’s projects in the works, we learned that Matt loves spending time with his family (pictured above with daughter Whitney) and enjoying the holy trinity of Texas cuisine: barbecue, Tex-Mex and steaks.

Matt (here with his family) tells us the firm completed construction on two communities in DFW in 2015, Jefferson Center in Richardson and Jefferson Las Colinas in Irving, totaling 746 apartments. Now it has five properties under construction, South Side Flats by Jefferson, Jefferson Stonebriar, Jefferson Riverside and the two newest: Jefferson Galatyn Park and Jefferson on Lake Carolyn.

Jefferson on Lake Carolyn is in Las Colinas at the intersection of Lake Carolyn Parkway and California Crossing Road, inside the Las Colinas Urban Center. Within walking distance to the Irving Music Factory, Water Street and the orange DART line, Jefferson on Lake Carolyn has 422 units. Residents can choose between one-, two- and three-bedroom homes ranging from 600 SF to 1,500 SF with high-end finishes and amenities. The project team includes architect Womack + Hampton, civil engineer Glenn Engineering, landscape architect Kimley-Horn and interior designer SJL Design Group. Jefferson on Lake Carolyn is set to deliver summer 2017.

Jefferson Galatyn Park is in Richardson near the new State Farm and Raytheon HQ and just south of the Galatyn Park DART station. The 5.4-acre community hosts 379 apartment homes ranging from 600 SF to 1,450 SF. Similar to the Lake Carolyn location, residents can select one-, two- or three-bedroom homes with snazzy finishes like quartz countertops, 10-foot ceilings, and full-size washers and dryers.

Unique gathering spaces complete the property and include four courtyards, a community rooftop terrace, a beer garden, a dog park, a luxury pool and a large two-story clubhouse. The design team features architect JHP Architecture, civil/landscape firm Kimley-Horn and interior designer SJL Design Group. Opening is set for summer 2017.