IRVING, TX – 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.