North Texas’ biggest apartment builder is set to deliver a rental project to the Grandscape development in Denton County.
Irving-based developer JPI has purchased a site in the Grandscape development with plans to build a 319-unit apartment complex, senior vice president Miller Sylvan told the Dallas Morning News.
Developed by Warren Buffett’s Berkshire Hathaway, Grandscape is located in a North Dallas submarket called The Colony, adjacent to Lewisville Lake and south of Frisco. Spanning 433 acres and costing $1.5 billion, Grandscape is expected to be one of the largest mixed-use real estate developments in the entire country upon completion.
JPI’s upcoming rental community will add to Grandscape’s existing residential offerings such as its anchoring Live Grandscape apartments, a 345-unit high-rise built by Omaha-based Lanoha Development.
Despite many Dallas-Fort Worth developers experiencing crippling delays from supply chain issues and fast-rising material costs, JPI announced that construction would start next week, with the first units available in spring 2024.
JPI is one of the country’s largest apartment builders, with 5,000 rental units under construction. The longtime North Texas builder just started projects in Frisco and Anna, says DMN. The developer currently owns or is building more than two dozen rental communities with 8,650 units in Texas and Southern California. Some of its newest D-FW projects are in East Dallas, Irving, Arlington and McKinney.
Developers from across the country have been scrambling to build in the northern submarkets of Dallas-Fort Worth. Not far from The Colony, the town of Sherman has an estimated 34 planned development projects that would more than double its existing housing units.
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[DMN] — Maddy Sperling