Irving-based multifamily developer JPI is prepared to lead the multifamily residential recovery in 2021 and beyond following a year of landmark success during the nuanced economic and market challenges of 2020, the company says.
Throughout last year, JPI developed new projects, expanded communities and sold properties through portfolio transactions, maintaining the company’s status as one of the most active developer in Dallas Fort-Worth and Southern California.
Looking ahead, JPI says it is equipped to contribute to the rebounding economies in the markets it serves by utilizing strategic business plans, comprehensive market research and proven investment processes developed over 30 years.
Among the company’s 2021 outlook is the launch of a new business line in the affordable housing space.
To support these long-term initiatives, JPI prioritized strategic talent acquisition in 2020, including several key promotions and the opening of a new position, Western Region Managing Partner, to be filled in 2021.
“JPI has built a culture that begins and ends with its people,” said JPI Chief Financial Officer and Administrative Partner Chris Clayton. “We intentionally attract, retain and grow the best talent in the industry. This continued focus in 2021 will advance both JPI’s immediate and long-term success.”
Across its 2020 portfolio, JPI held 25 active communities and more than 8,600 apartment homes under construction or in operation, with a total cost basis of more than $2 billion. Additionally, JPI sold a total of eight properties to an affiliate of Lone Star Funds, with one of these portfolio transactions marking the company’s largest in 15 years.
The company said a listing of specific 2020 successes includes:
Four community starts:
Jefferson The Grove (Frisco)
Jefferson Texas Plaza II (Irving)
Jefferson Makers Quarter (San Diego, California)
Jefferson Centerpointe (Placentia, California)
10 community transactions:
Jefferson Boardwalk (Farmers Branch)
Jefferson Eastshore (Irving)
Jefferson West Love (Dallas)
Jefferson Reserve (Richardson)
Jefferson Vantage (Richardson)
Jefferson Promenade (Irving)
Jefferson 1900 (Farmers Branch)
Jefferson Silverlake (Grapevine)
Jefferson Texas Plaza I (Irving)
Jefferson Town Lake (Tempe, Arizona)
“Despite the setbacks of 2020, JPI maintained its status as an industry leader in the multifamily development space,” said JPI Chief Executive Officer Brad Taylor. “JPI’s market reputation of building a quality product and focus on serving our capital partners, strategic business model and intensive market knowledge propelled our activities forward, attracting more investors to the markets we serve and contributing to the industry’s much-needed financial rebound.”