IRVING, Texas--(BUSINESS WIRE)--Today, JPI announced a joint venture with Madera Residential and WayMaker on five new developments across the DFW Metroplex. These five assets will provide over 1,750 class A multifamily homes to residents and help serve the growing need for housing in the thriving DFW metroplex. When completed, the joint venture portfolio will include nine communities in total. The first five communities, Jefferson Railhead, Jefferson Grandscape, Jefferson Cedar Ridge, Jefferson Northlake, and Jefferson Peninsula, are the first to start construction in an agreement between the parties. By the end of 2022, the parties expect to start another four communities together for a total of nine communities, representing over 3,300 homes, and valued at over $1 Billion.
“We are grateful for the confidence and trust that these top-tier organizations have invested in JPI’s product,” said Payton Mayes, JPI’s Chief Executive Officer. “The alignment of our core values and our business models leave us excited to work alongside their talented teams and hopeful for future opportunities to work together.”
“Our team has long admired JPI for their excellence in execution and market leadership,” said Dave Marcinkowski, Partner at Madera Residential. “The opportunity to partner with Waymaker in such a values-forward development that also provides our investors access to these world class communities, in one of the hottest markets in the country, is an exciting expansion of Madera’s platform.”
One of the truly unique features of this new partnership is the value-based funding contribution to Apartment Life’s ongoing financial health and benefit to the multifamily communities. Apartment Life helps apartment owners care for residents by connecting them in relationships. This, in turn, helps improve the community's financial performance through online reputation, resident satisfaction, and resident retention. The opportunity is to change lives, while changing business.
“The opportunity to align with JPI and Madera Residential is a dream come true for WayMaker,” said Keith Dunkin, President of WayMaker. “Our desire is to serve and love on all our constituents, residents, investors and partners, and this portfolio in conjunction with our community engagement leadership with Apartment Life represents an exceptional opportunity to do just that.”
These five communities, which are under construction and leasing up between now and 2025, are slated to provide best-in-class living experiences and top of market amenities throughout the portfolio. JPI has chosen Quext IoT and their uniquely innovative and patented smart apartment platform for these assets, aimed at enhancing the resident experience.
About JPI
JPI is a national developer, builder, and investment manager of Class A multifamily assets across the U.S., with over 5,000 apartment homes under construction. JPI is headquartered in Irving, Texas, and has offices in California. With a 30-year history of successful developments throughout major U.S. markets and an unparalleled depth of industry-specific experience, JPI stands among the most active privately held real estate companies in the country. JPI’s executive leadership team has comprehensive experience in multifamily developments – ranging from low-density garden apartments and mid- to high-density wrap and podium projects and high-rise developments. The firm offers investment management, predevelopment, underwriting, marketing, and asset management services as well as construction, financial, and administrative services. To learn more about JPI, please visit JPI.com.
About Madera
Madera Residential is a Lubbock, TX-based investment company that specializes in multi-family apartment communities across the state of Texas and beyond. Since 2008, Madera has acquired more than 100 properties and 28,500 units throughout the Dallas/Fort Worth Metroplex, Houston and Austin. Today, the company manages over 45 properties with a total value of over $2.1 billion. To learn more about Madera Residential, please visit maderaresidential.com
About Waymaker
WayMaker is an institutional quality Christ-centered multifamily investment platform. WayMaker’s strategy involves creating value through relationships, technology, and community. WayMaker prides itself in Transforming Communities, and thus, Transforming Lives. The WayMaker investment committee is comprised of pillars of the multifamily industry who have spearheaded more than 2,000 transactions and manage more than 1,000,000 apartment homes valued at approximately $100 billion. To learn more about WayMaker, please visit waymakerre.com
