Dallas, Texas – JPI, a seasoned Dallas real estate developer, has initiated construction of the five-story Jefferson Addison Heights, an exclusive, 290-unit luxury apartment community located in Texas. This residential complex will grace the Southeast Quadrant of Airport Parkway and Addison Road, nestled in the charming town of Addison, which is part of Dallas County.
This endeavor augments JPI’s robust portfolio in the Dallas-Fort Worth area to 29 properties, comprising a staggering 9,276 units, as per data collated by Yardi Matrix. It is projected that Jefferson Addison Heights will inaugurate leasing opportunities in October 2024.
Jefferson Addison Heights to offer luxury and attract higher-income tenants
Following the construction completion, the upscale Jefferson Addison Heights, sprawling over a three-acre area, is likely to attract higher-income tenants. Each unit will flaunt 10-foot ceilings, stone countertop kitchens, and additional lavish details.
Select apartments, particularly those on the fourth floor, will offer spectacular views of the neighboring Addison Airport. The array of amenities within the complex will feature a swimming pool supplemented with private cabanas, a clubhouse armed with a game room, and a well-equipped fitness center.
Its location boasts a prime advantage, being within half a mile of the Dallas North Tollway, ensuring quick access to Addison’s bustling retail, dining, and entertainment zones, including Prestonwood Town Center and Galleria Mall. Its proximity to the Dallas North Tollway will also place it a mere 12 miles from downtown Dallas, an employment powerhouse hosting over 2,000 employers and more than 20 Fortune 500 Companies such as Texas Instruments, AT&T, American Airlines, and McKesson.
Dallas-Fort Worth metroplex lost the leading position for multifamily construction, but now ranks second-largest market
According to Yardi Matrix data, Dallas holds a coveted position as the nation’s second-largest market for multifamily construction, with 60,532 units currently under development and 2,016 completed within this year. This surge in demand can be partly attributed to the city’s dynamic employment sector and the relatively lower cost of living when compared to Sun Belt markets of comparable size.
Collin County, part of the Dallas-Fort Worth Metro, has seen a significant in-migration, ranking third in the U.S. in terms of numeric growth, as per recent U.S. Census Bureau data. The county drew in 45,525 new residents between 2020 and 2022. Meanwhile, Collin County Association of Realtors report indicates that the median home price is down, but the number of closed sales in recent months has increased.
In other development news around Dallas, Legacy Partners and the Resmark Cos. have collectively embarked on the construction of the Legacy Gateway, a residential community of 336 units in Forney. Meanwhile, Dominium is advancing with its development plans for Matlock Flats, a 192-unit project focused on affordable housing in Arlington, Texas.
Jefferson Addison Heights, 290-unit luxury apartment #community located just 12 miles north of #Dallas downtown, to be built by Dallas real estate developer JPI.#DallasNews #Texashttps://t.co/k7YiSum0kP pic.twitter.com/OvWTIGs9MS
— DallasMetro.news (@DallasMetroNews) June 22, 2023