JLB Partners’ Amy Jones (JLB, Getty)
JLB Partners is bringing its focus home as the Dallas-based development firm has filed plans to construct a massive multifamily community near Lake Ray Hubbard.
The development at 5026 Zion Road in Garland will add 366 apartments and 15 townhomes to the Dallas suburb, according to plans filed with the Texas Department of Licensing and Regulations. It is estimated to cost $56 million, or about $147,000 per unit, with construction beginning in May.
The Garland City Council approved a zoning change in September to allow JLB to redevelop a 21-acre residential property. Specific construction details for the multi-building, multi-story project have not been released but the filing did include a fitness center, pool and residential club as some of the amenities.
The complex will sit at the southern edge of Garland between Interstate 30 and Lake Ray Hubbard, one of the largest lakes in Texas spanning 22,000 acres.
JLB Partners could not immediately be reached to comment on the plans.
The residential development and management firm is one of the biggest in North Texas and is known for its high-end, Class-A communities. The company owns dozens of complexes across the East Coast, Texas and Arizona.
Earlier this year the firm sold a 369-unit property in Scottsdale for $260 million that landed as the most expensive single-asset multifamily sale in Arizona’s history, the company reported.
While single-family home construction has slowed recently as demand declines and interest rates climb, multifamily construction, especially in suburban areas, has remained strong, according to the latest report from the National Association of Homebuilders. The report showed that multifamily construction is up between seven and 10 percent in small and large metropolitan areas.
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