JPI is getting after it again north of Dallas.
Less than a month after selling a 354-unit property in McKinney to a California investor, the Irving-based apartment builder announced plans for another rental community in the same Dallas suburb.
Plans call for a 335-unit apartment development on Stacy Road north of State Highway 121, which is expected to cost more than $70 million, according to the Dallas Morning News. Dubbed Jefferson McKinney Stacy, the almost 30-acre project will have 240 apartments in three-story buildings and 95 townhomes, according to planning documents filed with the state.
About 32 miles north of Dallas, McKinney is Collin County’s third-largest city, after Plano and Frisco. As one of the metroplex’s most popular submarkets, McKinney was the nation’s fastest-growing city from 2000 to 2003 and again in 2006, among cities with more than 50,000 residents, according to the U.S. Census Bureau. Both Hines and Johnson Development have master-planned communities in the works in the popular suburb.
A few miles farther north up Highway 75, JPI is also building a 185-unit seniors apartment property in partnership with the Anna Housing Finance Corp. Also in Anna, the company has a $59 million multifamily complex set to finish by the end of 2024.
To the west, in Addison, the developer is working on plans for a 287-unit development on about 3 acres on Airport Road at Addison Parkway. Last month, JPI filed documents with state signaling plans to build a $92 million development project along Brewer Boulevard in south Fort Worth.
Last year, JPI announced a $1 billion partnership with Madera Residential and Waymaker Partners to build 3,300 apartments in North Texas. In August, the partnership announced that the first five of those projects will be rental communities in Frisco, The Colony, Northlake, Grand Prairie and Dallas.
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