Multifamily Monday: JPI's Knack for Site Location
JPI's most recent win: Before KDC announced its 2M SF Cityline project, it had already secured a nearby site for its 360-unit Jefferson Center. (We're trying to see if we can get some help with our Lotto picks, too.)
The luxury Jefferson Center apartment homes (at President George Bush Turnpike and Custer Parkway in Richardson) are just a mile from the Cityline development, which will be home to 13,000 employees. JPI VP Matt Brendel says JPI contracted on this land just before the State Farm project was announced, choosing it for proximity to Central and the Bush Corridor. “With the State Farm announcement, we loved it more,” he says.
Matt (third from left between Lincoln Property Co’s Lacy Lineweaver, JPI’s Brian Scheiwe, and Lincoln’s Morgan Porter) tells us DFW is forecast to deliver 16,000 units this year while slated to create about 110,000 jobs. Historically, Matt says, every five jobs creates one additional unit of apartment demand, which means Dallas will come up short. (If your math skills are rusty, he tells us Dallas needs about 22,000 units.)
Between Jefferson Center and the three projects in the works, JPI plans to add 1,600 apartment homes in the next year. The new 290-unit South Side Flats by Jefferson (1210 S. Lamar in a partnership with Matthews Southwest) should have its first units ready by next summer. The 420-unit Jefferson Stonebriar in Frisco (at Gaylord and Ohio) starts next year. And a 386-unit project in Las Colinas called Jefferson Las Colinas (Las Colinas Boulevard and Northwest Highway across from the convention center and newly planned Irving Music Factory) will have first units available in January. Away from work, Matt is on the board of the Colleyville Soccer Association and is a soccer ref. Here he is with his family (kids ages 3, 7, and 16).