IRVING, TX – JPI announced the close of construction financing on Jefferson Innova, phase two of its under-construction Jefferson Promenade. Located in the heart of booming Las Colinas, Jefferson Innova has no shortage of attractions. From its proximity to Toyota Music Factory (with over 210,000 square feet of retail and restaurants) to its economic powerhouse hosting seven Fortune 500 companies’ headquarters, new residents are flocking to be part of this vibrant and exciting area.

“Las Colinas is JPI’s most active submarket. This is the sixth community we’ve developed here in the past six years,” said Miller Sylvan, senior vice president and development partner for JPI’s Central Region. “The future is really bright for Irving. The dynamics and fundamentals of this area cannot be denied, and we look forward to continuing to play a part in this area’s growth.”

Jefferson Innova will consist of 433 apartment homes over a span of five acres and is scheduled to open in spring 2021. It will feature a rooftop pet park with grooming station, Uber lounge, resort-style pool, business center, state-of-the-art fitness center with spin and yoga studio, coffee bar, and two outdoor kitchens. Jefferson Innova will also offer its residents access to the Irving Convention Center DART station and proximity to the Irving Convention Center and Elm Fork Trinity River.

“Las Colinas is a high-performing submarket for office space, entertainment and living,” said Blake Taylor, vice president and area development partner at JPI. “This is one of the central hubs for the Dallas-Fort Worth metroplex and exemplifies our focus on ensuring a live, work, play environment for our future residents. We’ll continue to be active in this area, which is our own backyard, for the foreseeable future.”

JPI is humbled to continue working with a group of A-list consultants within the multifamily industry. The architect for this project is Humphreys & Partners, with Studio Outside as the landscape architect. Glenn Engineering Corp. is the civil engineer, United Structural Consultants is the structural engineer, and Jordan & Skala Engineers is the MEP engineer. Interior design will be provided by Faulkner Design Group, and lighting design will come from Scott Oldner Lighting Design. The project’s equity partner is CrossHarbor Capital Partners.

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CHARLOTTE, NC – MLA Properties, a New York based family office, recently closed on the acquisition of its first two multifamily properties in the greater Charlotte, NC market. 

“MLA is excited to be entering the Carolinas, and we look forward to continuing to expand our footprint in the market. The Charlotte MSA continues to be a leader in all major demographic categories and we believe the region’s best days are ahead of us. Drucker + Falk has been an invaluable resource to us on the ground and we are confident they will help us drive superior risk adjusted returns for our investors,” said MLA Managing Director, Michael Cohan, in a prepared statement. 

Pavilion Village, a Class A 294-unit community built in 2015 and located at 131 Gracyn Olivia Drive in the university submarket, closed on June 20th, in a Joint-Venture acquisition with Pearlmark, a Chicago based real estate investment firm. “Pavilion Village presents a unique opportunity in a thriving submarket with close access to transportation, education, and major employment hubs. In partnership with Pearlmark, we believe this asset will benefit from an interior value-add program and Drucker + Falk’s management expertise,” added Cohan.

Evolve at Tega Cay, a groundbreaking new 260-unit community located at 810 Eden Avenue in the affluent Charlotte suburb of Fort Mill, SC, closed on May 17th. “Evolve at Tega Cay is well positioned in one of the region’s most supply constrained markets and provides an affordable living option with close proximity to Charlotte. Additionally, we believe the strong school system will continue to attract young families to the market” said Cohan.

With the addition of these properties, Drucker + Falk’s management presence in the Carolinas now exceeds 13,000 units. “Drucker + Falk is excited to be aligned with MLA, a firm with which we share many characteristics in terms of both structure and ownership philosophy. We are deeply committed to the Carolinas and firmly believe that these two projects will be candidates for 2019’s deal of the year in Charlotte, as they both represent extremely attractive basis’ with tangible upsides” mentioned Cole Healy, a Director with Drucker + Falk’s Southeast office. 

Mort Klaus, Principal of MLA, concludes “we believe deeply in the future of Charlotte and will look to continue to deploy capital in the region.”

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SAN MARCOS, TX – Vie Management announced its buy of Ella Lofts, a five-tale student housing community containing 252 beds. The 75-unit mid-rise building is comprised of one, two- and four-bedroom units, is walking-distance to Texas State University, and services students attending Austin Community College, among others. 

The $1 million renovation will be completed in fall 2019. The enhancements will upgrade the current living experience with newly renovated communal spaces, expanded resident services, and upgraded units with stainless steel appliances, groundbreaking new wood flooring and new furniture. 

“From the moment you walk in you’ll immediately feel at home knowing you have everything you need to live, work, study and play,” said Derrick Milam, co-Founder and COO of Vie Management. 

Vie Lofts at San Marcos offers an opulent experience with access to several exclusive amenities for enjoyment, including a state-of-the-art fitness center, yoga studio, infinity swimming pool, a large co-working and study lounge, Kahvie Café coffee shop, and more. 

“After observing the evolution of the student housing industry, we chose that now was the right time to develop a new range of services to respond better to our guests’ needs and offer something different from what they would expect elsewhere,” said co-Founder and CEO of Vie Management Ari Rosenblum.

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