Journeyman Group Makes its DFW Debut in Princeton

An Austin apartment developer is planting its flag in North Texas, betting on breakneck population growth to fuel its first deal in the Dallas-Fort Worth market.

Journeyman Group acquired 16 acres near the Dallas suburb of Princeton, with plans to build a 306-unit multifamily project, marking the firm’s DFW debut. The seller, Ray Johnston of No Bad Days LLC, closed on the site at 5251 FM 982 on April 14, with brokers from both Edge Realty Partners and Shop Companies representing him in the deal. Journeyman Group represented itself in the transaction.

Journeyman plans to break ground immediately on the project, dubbed Princeton Point, with construction expected to take about two years. First move-ins are slated for late 2027 or early 2028.

The development will feature a mix of one-, two- and three-bedroom units, with monthly rents projected between $1,125 and $2,000 — a range the firm is positioning as workforce-affordable, according to the outlet. Amenities will include a pool, fitness center, clubhouse and theater, alongside more standard offerings like package lockers and a dog wash.

The project is Journeyman’s first foray beyond its Austin base, where the firm controls roughly 4,800 units. Journeyman is targeting expansion into high-growth Texas metros including Dallas, Houston and San Antonio, according to the publication, aiming to replicate a middle-market rent strategy that has gained traction as affordability pressures mount.

Princeton offers a compelling test case. The town is about 40 miles northeast of downtown Dallas, and the city was the fastest-growing in the country between mid-2023 and mid-2024, posting a population jump of more than 30 percent, according to U.S. Census Bureau American Community Survey figures. That surge has strained local infrastructure and briefly prompted city officials to impose a housing moratorium, according to the outlet, underscoring both the demand and the growing pains tied to rapid expansion.

While the moratorium did not apply to the project site in unincorporated Collin County, it highlighted the development constraints shaping the area. Even securing basic infrastructure proved challenging: Extending sewer service to the property required more than two dozen easements over the course of a year, according to the seller.

That groundwork may now pay off. With utilities in place and new rooftops on the way, surrounding land is drawing interest from multifamily, industrial, and increasingly, retail players looking to follow the population patterns.— Eric Weilbacher