JPI, a national developer, builder, and investment manager, sold three Dallas-area multifamily communities in November to an affiliate of Lone Star Funds—the second major transaction between the two firms in three months.
The sale included 1,174 multifamily units at Jefferson Promenade in Irving, Jefferson 1900 in Farmers Branch, and Jefferson Silverlake in Grapevine. The communities feature best-in-class amenities that are standard at JPI’s Jefferson properties, including resort-style pools, state-of-the-art fitness centers, top floor resident lounges, and transitioning indoor-outdoor space. The communities also are located in rapidly expanding suburban markets across the Dallas metroplex.
“JPI is delighted to again transact with Lone Star on another monumental transaction,” said Blake Taylor, JPI senior vice president and regional development partner.
In August, JPI announced its largest single transaction in 15 years. The acquisition by a Lone Star Funds affiliate included five Dallas-area multifamily communities with just under 2,000 units. All five were Jefferson properties and located in Dallas, Farmers Branch, Irving, and Richardson.
“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,” added Taylor. “JPI is proud to uphold a professional standard of excellence that makes progress like this possible.”
According to JPI, the firm’s current portfolio includes numerous lease-up assets throughout the Dallas metroplex, with plans to continue growing its presence in key suburban markets. The transactions will help position JPI to reinvest capital into the North Texas economy.
