JPI Offloads 3 Apartment Complexes To Lone Star Funds Affiliate
The Irving-based developer sold the private equity firm 1,174 units across three complexes: Jefferson Promenade in Irving, Jefferson 1900 in Farmers Branch and Jefferson Silverlake in Grapevine.
"JPI is delighted to again transact with Lone Star on another monumental transaction," JPI Senior Vice President and regional development partner Blake Taylor said in a statement. "To solidify two multi-property sales within just months of each other speaks to the resiliency of the industry, as well as of the North Texas economy."
In August, JPI sold the Lone Star affiliate the Irving-based 286-unit Jefferson Eastshore complex and the 424-unit Jefferson Boardwalk asset in Farmers Branch.
Multifamily has held fairly steady since the coronavirus pandemic began, with occupancy hovering around 91.2% and average rents staying relatively flat at $1,158 per unit, according to ApartmentData.com. However, concessions are rising, especially for Class-A product, where 60% of properties are now offering deals like move-in specials or months of free rent.
JPI was one of DFW's most active multifamily developers over the last cycle and has particularly been known for its suburban projects, which some predict will become more popular in the age of the pandemic.