JPI Companies has filed plans to build a 399,500-square-foot multifamily complex in Anna, a suburb of Dallas, for an estimated cost of around $59 million. Construction on the project is set to begin in December and finish by the end of 2024.
The new development at White Street and Oak Hollow Lane will include multifamily buildings, single family homes and duplexes along with amenities like an outdoor pool and courtyard.
JPI is already investing significantly in Texas multifamily with a plan to spend $1 billion to build 3,300 apartments across the Dallas-Fort Worth metroplex.
While Dallas has been making progress on updating its home permitting process to speed up the growth of single-family development, home starts across several major Dallas suburbs have been in rapid decline this year — except for Anna, where the opposite has been happening.
In Anna, home starts were up about 15 percent in the first quarter, with about 635 single-family permits issued from Jan 1 to June 30 compared to 552 over the same period last year. Meanwhile, permits in places like Frisco and Celina were down about 40 percent, although Frisco still does have some major projects of its own in the works.
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