JPI Secures Land for Mixed-Income Housing in Dallas Suburb

JPI formally closed on the land required to develop a 393-apartment unit multifamily feature in McKinney called Jefferson Terry.

The project is set to be developed through a partnership with the McKinney Housing Authority, and will feature 177 units for those earning up to 80 percent of the suburb’s median income level, with another 20 for those earning 30 percent, according to the Dallas Business Journal. The joint venture is going to be called Jefferson Terry, and will be set across 16 acres at the corner of Highway 380 and Terry Lane. The total tab for the apartment complex is expected to be $113 million, around $298,000 per unit.

The partnership will allow Jefferson Terry to be a class A community, complete with a resort-style pool, fitness center and a dog park, according to the outlet. The first apartments in the planned four buildings across the complex are expected to be available in 2027, with the project fully completed in 2028. Information on which apartment price range will be completed first was not available. Individual apartments will be made available in one- to three-bedroom formats, and will span 650 to 1,600 square feet.

Dallas-based JPI is one of, if not the, most fruitful builders in the North Texas area. In 2023, they delivered 2,436 homes to the region. Last year, they broke ground on three separate affordable housing projects in Denton.

A similar throughline with the McKinney development was JPI’s partnership with the local housing authority in Denton for the 461-unit development at North Bonnie Brae Street and Bronco Way. That specific project is bond-financed, and at the time, JPI said it was in talks with other municipalities about replicating the effort. It’s unclear whether that same model is being used for financing the Jefferson Terry development.

— Hunter Cooke