IRVING, TX – JPI, the most active multifamily developer in the Dallas-Fort Worth metroplex four years running, closed into construction on a 9-acre development in their backyard of Irving, adjacent to the University of Dallas. The community will feature 282 apartment homes and premier amenities, with close proximity to the Urban Center of Las Colinas.

“This is our 10th community in the Irving-Las Colinas submarket,” said Matt Brendel, divisional president and managing partner at JPI. “Over the years, we have developed a deep knowledge of this submarket. We know the residents and their lifestyle – where they work, how they spend leisure time, and what is most vital to them in choosing a home. Jefferson Texas Plaza is going to provide an unrivaled living experience to meet their needs.”

Jefferson Texas Plaza will serve as a hub for residents who work in the Las Colinas Urban Center – conveniently located off of Loop 12, less than three miles from retail and restaurants as well as attractions including an Alamo Drafthouse and the Toyota Music Factory. In addition, the community will be less than two miles from Lake Carolyn, for those residents looking for access to hike and bike trails and additional green space.

“We are excited to continue strengthening our presence in Las Colinas, delivering another community that residents will be proud to call home,” said Brad Taylor, JPI’s chief development officer. “Las Colinas is a thriving submarket that has undergone tremendous economic growth within the last several years. New developments, such as the Pavilion at the Toyota Music Factory and other retail entities, have made Las Colinas a well loved and lively destination where people can truly live, work and play.”

The community will feature a resort-style pool, premium parking in private garages, a state-of-the-art fitness and yoga studio, a pedestrian trail directly connecting to the University of Dallas campus trail, a two-tale clubhouse with a coffee bar and a spacious dog park.

Individual apartment homes at Jefferson Texas Plaza will feature luxury amenities including granite countertops, 10-foot ceilings, high-end appliance packages, large balconies and spacious patios with private yards on select ground-floor units.

Powered by WPeMatico

CHARLESTON, SC  – Greystar Real Estate Partners, a global leader in the investment, development, and management of high-quality rental housing properties, together with its investment partners APG Asset Management N.V., Bouwinvest Real Estate Investors, and MIRA Real Estate, part of Macquarie Infrastructure and Real Assets (MIRA), announced the first close of a Greystar-led China-focused fund with US$450 million in equity commitments.

Greystar established its Asia-Pacific rental housing platform (“Greystar Asia-Pac”) with MIRA Real Estate last year and is now joined by APG Asset Management N.V. who intends to support the platform’s rental housing strategy across the region. The platform combines the partners’ substantial relationships and proven track record in the region with Greystar’s deep rental housing expertise to serve as the pre-eminent, vertically integrated owner, developer, and operator of rental housing in Asia-Pacific.

The China-focused fund is the first within Greystar Asia-Pac. The fund will invest in high-quality assets in top-tier Chinese markets with an initial focus on Shanghai, owing to the city’s attractive rental housing supply and demand fundamentals.

“China is an extraordinarily compelling growth market for rental housing investment today and is notably lacking in quality housing for the wave of renter demand driven by the rapid growth of urban market populations and incomes,” said Wes Fuller, leader of Greystar’s global Investment Management business. “Establishing this fund gives us an early mover advantage to implement our unique investment strategy by assembling and operating an unrivaled rental housing portfolio at scale.”

“We are in the process of building a vertically integrated local team with specialists in development, investment and operations unique in this market. The team will be locally managed but supported by Greystar’s global team, network, and capital,” said Charles Ma, Managing Director for Greystar in China. “We will lead in professionalizing the rental housing industry in China and are uniquely positioned to do so. Our investment strategy will allow us to develop a significant rental housing pipeline in China and grow our platform to realize the tremendous opportunity we see in the region.”

Immediately following acceptance of the new capital commitments, the partnership will close on the funds initial investment located in the inner ring of Shanghai. Greystar’s plans include a comprehensive repositioning program to configure the asset into a rental building highly attractive for executives.

“APG is already a long-term investor in rented residential strategies in both Europe and the U.S. We expect this sector to establish itself very quickly as an institutional asset class throughout Asia-Pacific,” said Graeme Torre, APG’s Head of Private Real Estate Asia-Pacific. “Partnering with Greystar and Macquarie at the platform level provides the ability for us to consider the sector on a regional basis. We also see Greystar’s first-class operating capabilities combined with like-minded investors such as APG and Bouwinvest as a distinct head start to the first China development venture.”

“Bouwinvest has extensive experience investing in and managing rental housing, both through our flagship fund in the Netherlands and our international investments globally. This investment in the China multifamily sector builds on that track record and is highly complementary to our recent investment in a rental housing portfolio in central Tokyo,” said Tjarko Edzes, Director for Asia-Pacific Investments for Bouwinvest. “We are pleased to further expand our investment exposure in the Asia-Pacific region, where Bouwinvest has recently opened a local office. We are delighted to partner with both Greystar and APG in this initial venture.

“There is a significant gap in the Asia-Pacific region for quality rental housing provided by specialist managers. Having worked closely with Greystar in the United States and United Kingdom over the last decade, the opportunity to work together across Asia-Pacific and introduce Greystar’s proven expertise and experience is highly compelling,” said Brett Robson, Global Head of MIRA Real Estate. “We are delighted to partner with Greystar, reflecting this being consistent with our strategy of partnering with leading specialist operators around the world.”

Powered by WPeMatico

CLARKSBURG, MD – The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, has broken ground on The Axiom at Cabin Branch, an upscale 272-unit rental apartment community in Cabin Branch, Montgomery County’s new neo-traditional development in Clarksburg, Maryland.    

Axiom will be directly adjacent to the new Clarksburg Premium Outlets, an upscale outlet mall developed by Simon and New England Development, located off on I-270 and MD. Route 121 interchange in Montgomery County, Maryland, 30 miles north of Washington, D.C. and 50 miles west of Baltimore.

“We’re thrilled to bring this development to Cabin Branch as our first step into the Washington, D.C. market,” said J. David Heller, Co-Founder and Chief Executive Officer at The NRP Group. “Axiom will offer a unique lifestyle choice for future residents who will be able to delight in shopping and entertainment options at their fingertips, while in close proximity to the I-270 employment corridor.” 

Axiom will be the only rental community in Cabin Branch. At full build-out, Cabin Branch will feature about 1,600 residences, both for sale and for rent, with for-sale residences developed by upscale builders Winchester Homes, Ryan Homes, and NVHomes. The idyllic setting of The Axiom at Cabin Branch in western Montgomery County includes working farms and orchards, horse and biking trails, kayaking, and other opportunities for outdoor recreation in the adjacent 93,000-acre Agricultural Reserve and the 2,000-acre Black Hill Regional Park.  

Axiom will consist of a mix of luxurious one-, two-, and three-bedroom apartment homes. The units will feature plank flooring, 9-foot ceilings, spacious walk-in closets, modern kitchens with quartz countertops, stainless steel appliances, and European-style cabinets. Amenities will include a resort-style pool, pool deck with fire pits, grills, and huge-screen TVs, a state-of-the-art fitness center, social and recreational gathering spaces, a dog park, interior bike storage, a tot-lot play area, and package reception services. 

The NRP Group is developing Axiom with equity partner Parse Capital and with construction financing provided by First National Bank of Pennsylvania. 

“NRP has an exceptionally strong reputation in the markets in which they develop and an brilliant track-record of executing a fantastic product,” said Nicholas Killebrew, Head of Originations at Parse. “We are keen to watch this development come together and to continue partnering with NRP on future projects.”

Axiom marks The NRP Group’s first construction start in the D.C. metro area, a logical step for the national developer that has been expanding into several new markets that boast robust economies with strong job and population growth. In 2017, The NRP Group opened an office in Gaithersburg, MD, and hired industry veterans Joseph Torg and Josh Wooldridge as co-heads of its Mid-Atlantic Development office. 

Torg and Wooldridge are responsible for sourcing and executing NRP’s ground-up multifamily development pipeline. In addition to The Axiom at Cabin Branch, Torg and Wooldridge have generated a robust pipeline of multifamily deals from Baltimore to Richmond. 

“With this groundbreaking, it’s clear that Josh and Joe bring the right mix of experience and local knowledge, enabling The NRP Group to expand its development and construction best practices to this new market,” added Heller. “We are delighted to have them on board and expect more fantastic things to come.”

Powered by WPeMatico