Fifteen years ago, four former executives from JPI acquired the JPI East platform to start their own multifamily firm—Jefferson Apartment Group (JAG).
Today, the McLean, Virginia–based company has a $3 billion-plus portfolio, developing more than 30 multifamily communities from Boston to Miami. With a focus on the East Coast, JAG has regional offices in Boston; Charlotte, North Carolina; Orlando, Florida; and Philadelphia.
The developer has a wide span of product types—from garden and mid-rise to high-rise and mixed-use. Its developments include J Malden Center, a mixed-use community that provides 320 luxury apartments, 25,000 square feet of retail space, 330 parking spaces, an enhanced public plaza, and a 50,000-square-foot office condominium that is home to Malden, Massachusetts’ City Hall; J.Coopers Row, a 12-story, 312-unit high-rise overlooking Nationals Park baseball stadium in Washington, D.C.; and J. Ardin at Apopka, a 304-unit garden-style community located on 16 acres along the banks of Medicine Lake in Apopka, Florida.
Its property management affiliate, JAG Management Co., has a nearly 11,000-unit portfolio up and down the East Coast. The firm announced in mid-September this includes the addition of nearly 1,400 units in North Carolina, including the 240-unit J501 Estates in Durham that JAG acquired in a deal with STARS REI that closed late last year as well as four properties in the Raleigh-Durham area that it is third-party managing.
“We have been privileged to build and grow a company—and a great team of talented and dedicated individuals,” says chairman and CEO Jim Butz. “We’ve learned that it’s our people, our culture, and our shared vision that makes us great. When our people are cared for, they stay, work hard, and lead. Our buildings are beautiful and provide homes for many, but the buildings come and go. The impact on people every day is what matters most.”
The developer hit a milestone this summer, delivering its largest project to date—Rivermark Northern Liberties, a Class A mixed-use development on the Delaware River waterfront in Philadelphia. JAG and Haverford Properties were joint-venture partners on the development with equity partner AFL-CIO Building Investment Trust.
The development was almost a decade in the making, a result of a redevelopment plan of an underutilized 9-acre parcel, which included a former industrial site and a shuttered Festival Pier outdoor concert venue, in partnership with Delaware River Waterfront Corp. (DRWC).
City officials and the DRWC had long sought to capitalize on the underutilized portions of the waterfront. DRWC executed the long-term ground lease with the JAG-Haverford team, with an official groundbreaking in December 2022.
“The JAG and Haverford development team began working with the community and city stakeholders on the vision for Rivermark Northern Liberties almost 10 years ago,” says Drew Chapman, senior vice president and development partner at JAG. “It’s been a long journey, and we’re incredibly proud to turn that vision into reality with the delivery of a best-in-class mixed-use community for our residents and a lifestyle destination for all of Philadelphia to enjoy along the riverfront.”
Located two blocks from the Spring Garden SEPTA station, the community comprises 470 luxury units across two mid-rise buildings, 45,000 square feet of retail anchored by a 24,000-square-foot Sprouts Farmers Market, and 4 acres of public-use space.The units include a mix of one-, two-, and three-bedroom floor plans, some with dens. The units range between 527 and 1,605 square feet. In addition, the units feature high-end finishes throughout, many with private balconies that have unobstructed views of the Delaware River.
Residents also have access to an elevated swimming pool overlooking the river; two rooftop speakeasy lounges with outdoors terraces; a courtyard with a fire pit and grilling stations; two fitness centers with an interactive studio; a clubroom lounge with a fireplace; a game room with vintage arcade games; micro-offices; a conference room; concierge service; a pet spa; a garage with electric vehicle charging stations; and a bike room.
An illuminated public art installation will serve as a landmark visible from the Ben Franklin Bridge as well as the New Jersey side of the river. Public-use features include a large public plaza, and extension of the Delaware River Trail, and public waterfront access.
“It’s a true partnership effort with the city, the unions, the general contractor, our investors, and the team,” says Butz. “When it’s fully completed, the artwork, the riverfront, and the retail will all have a significant impact on the Northern Liberties neighborhood.”
Currently, JAG has nine communities under construction that will deliver over the next 18 months. Butz notes that the developer also has an expanding pipeline that will help fuel growth over the next five years.
“Over the next 15 years, we expect JAG to double in size and add several new markets and offices,” says Butz, noting that the firm will be looking beyond the East Coast to markets in the South and South Central regions, such as Dallas and Nashville, Tennessee. “We will do so by focusing on our people and our culture. We have to be excellent at what we do and what we know, and it’s our people who make that happen. Our team makes it possible for JAG to fulfill its mission to have a positive impact on the lives of our residents, investors, and employees.”
