Irving-based apartment builder JPI has big plans for the Lone Star State.
The developer formed a $1 billion partnership with two multifamily investors — Lubbock-based Madera Residential and Dallas’ Waymaker Capital Partners.
JPI plans to leverage this partnership to build 3,300 apartments, according to the Dallas Morning News. JPI is one of North Texas’ top apartment builders with 5,000 apartments under construction.
The partnership will begin with five apartment complexes in and around the Dallas-Fort Worth metroplex. The rental communities are set to go up in Frisco, The Colony, Northlake, Grand Prairie and Dallas and will total 1,750 rental units upon completion.
Madera rose out of the housing crisis in 2008 and now owns more than 100 apartment complexes worth over $2 billion across the Dallas and Houston metro areas.
Waymaker, the relative newcomer — founded in 2019 — has partnered with JPI before, but this will be its first venture with Madera. In the announcement of the partnership, both Mayes and Marcinkowski lauded the values of the self-described “Christ-centered multifamily investment platform.”
Based solely on the company’s website, the only properties in Waymaker’s portfolio are the five projects reportedly being built by the new partnership— Jefferson Railhead, Jefferson Grandscape, Jefferson Cedar Ridge, Jefferson Northlake and Jefferson Peninsula.
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— Maddy Sperling