JPI has closed on a 12.6-acre site in Durham, North Carolina, marking its first development in the state in over 15 years. The multifamily developer plans to break ground on the 440-unit community next month, with completion slated for 2028.
According to the developer, it started to study long-term expansion markets in early 2024 to determine where it wanted to be in the next decade and beyond. The fast-growing rental market of Raleigh-Durham came in at the top of the analysis, scoring high on supply barriers, the population of young adults, household income, and workforce growth. In addition, with starts down across the market, JPI noted the region is positioned for strong rent growth as the demand outpaces the supply.
JPI has established a permanent office in the Research Triangle, with Jefferson Watts representing the lead development for its expansion.
The site, on Hillsborough Road and La Salle Street, is one of the few remaining developable parcels in direct proximity to Duke University Medical Center, which employes over 11,000 people. It also anchors a corridor that is transforming with grocery and retail, creating a built-in source of housing demand.
“Raleigh-Durham is exactly the kind of market we set out to find—with a growing employment base and quality of life that keeps drawing talented young people to the Triangle,” said Jake Fortune-Greeley, vice president of development for the Southeast. “With construction starts pulling back sharply, this is a unique window to deliver high-quality housing where it’s needed most. Jefferson Watts is the ideal first chapter for JPI in North Carolina, and not the last.”
Jefferson Watts will comprise 398 market-rate apartments and 42 luxury townhomes. The five-story apartment building will feature a mix of studio, one-, and two-bedroom units, while the three-story townhomes will deliver nearly 2,000 square feet with 10-foot ceilings, two-car garages, and private balconies. In addition, 39 homes will be leased with an affordable component.
Residents will have access to a wealth of amenities, such as a fifth-floor sky lounge; a sauna; a resort-style pool; a fitness center with a dedicated yoga studio; coworking lounges and private offices; multiple coffee bars; a media and game room; and outdoor spaces with a Zen garden and outdoor games.
“From the high-end amenity package and finish level to the townhomes that live like single-family homes, Jefferson Watts raises the bar for what residents in this market can expect,” Fortune-Greeley added.
Partners on Jefferson Watts include architect Cline Design, civil engineering and landscape architecture by McAdams, and interior design by KAI.