JPI, a multifamily real estate developer and investment manager based in Irving, Texas, today announced a joint venture with multifamily-focused investment companies Madera Residential and WayMaker.
According to a press release, the venture will focus on five developments across the DFW metroplex, providing more than 1,750 class A multifamily housing and meet growing demands for such homes in the area.
The portfolio, worth more than $1 billion, will comprise nine communities and more than 3,300 homes. These communities are being leased until 2025.
Jefferson Railhead, Jefferson Grandscape, Jefferson Cedar Ridge, Jefferson Northlake and Jefferson Peninsula, are the first five and will start construction before the other four, the release explains. The construction for the rest of the communities will start by the end of 2022.
Payton Mayes, CEO of JPI, said the business models of the companies align and expressed gratitude for the investments JPI received from organizations, in the release.
“The opportunity to partner with Waymaker in such a values-forward development that also provides our investors access to these world class communities, in one of the hottest markets in the country, is an exciting expansion of Madera’s platform,” said Dave Marcinkowski, partner at Madera Residential, in the statement.
Another aspect of the release emphasized the contribution of this venture to Apartment Life’s financing. The faith-based platform aims to connect owners with residents.
“The opportunity to align with JPI and Madera Residential is a dream come true for WayMaker,” said Keith Dunkin, president of WayMaker, in the release. “Our desire is to serve and love on all our constituents, residents, investors and partners, and this portfolio in conjunction with our community engagement leadership with Apartment Life represents an exceptional opportunity to do just that.”
Quext IoT’s smart apartment platform will be used for the assets, to enhance the resident experience, according to the information given.
In 2021, JPI bought 20 acres on the west side of The Railhead project located in Frisco, to build 875 apartments, the Dallas Morning News reported. It also sold three multifamily assets in Anaheim, California’s Platinum Triangle area.
In other recent proptech news, Leste Group and SAR Apartment Capital announced a $23.6 million acquisition of four multifamily properties in Ohio. Flexible apartment leasing proptech company Landing also announced closing a $125M Series C led by growth equity firm Delta-v Capital.