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JPI Makes Second Big Sale to Lone Star Funds
Apartment builder JPI has sold 1,174 apartments in Irving, Farmers Branch and Grapevine to an affiliate of Dallas-based Lone Star Funds. Terms weren’t disclosed. It’s the second big apartment sale this year JPI has made to Lone Star.
The properties included in the just-completed deal are the Jefferson Promenade in Las Colinas, the Jefferson 1900 in Farmers Branch and the Jefferson Silverlake in Grapevine. All three were recently built and are substantially leased.
The new sale follows Lone Star’s purchase of almost 2,000 JPI apartments in August. The acquisition of five Dallas-area communities was one of the largest such local transactions on record.
“To solidify two multi-property sales within just months of each other speaks to the resiliency of the industry, as well as of the North Texas economy,” Blake Taylor, JPI’s SVP and regional development partner, told the newspaper. He added, “We feel good about 2021.”
Pictured: Jefferson 1900.
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- ◦Sale/Acquisition
