Dallas County welcomes new luxury apartment complex by JPI

Dallas, Texas - JPI, a prominent Dallas-based real estate developer, has started construction on the Jefferson Addison Heights, a high-end five-story residential building.

This distinguished 290-unit apartment community is positioned in the Southeast Quadrant of Airport Parkway and Addison Road in the picturesque town of Addison, a component of Dallas County, Texas.

This project broadens JPI's substantial property portfolio in the Dallas-Fort Worth region, elevating the total count to 29 properties, collectively offering an impressive 9,276 units, according to data compiled by Yardi Matrix. The Jefferson Addison Heights complex is expected to commence leasing operations by October 2024.

Post construction, the luxurious Jefferson Addison Heights, spread over an area of three acres, is set to cater to high-income tenants. Each individual unit will showcase features such as 10-foot ceilings, kitchens adorned with stone countertops, and other upscale touches.

Specific apartments, primarily those situated on the fourth floor, will afford stunning views of the nearby Addison Airport. The complex's rich amenity offerings will include a swimming pool with private cabanas, a clubhouse with a game room, and a state-of-the-art fitness center.

One of the key advantages of this location is its proximity to the Dallas North Tollway, just half a mile away, ensuring easy access to Addison's vibrant retail, dining, and entertainment offerings, like the Prestonwood Town Center and Galleria Mall.

The property's close distance to the Dallas North Tollway also situates it a mere 12 miles from downtown Dallas, a major employment hub, home to over 2,000 employers and more than 20 Fortune 500 Companies including Texas Instruments, AT&T, American Airlines, and McKesson.

Based on data from Yardi Matrix, Dallas ranks as the second-largest national market for multifamily construction, with 60,532 units presently under development and 2,016 completed this year. The city's vigorous employment sector and relatively lower living costs compared to other Sun Belt markets of similar scale contribute to this heightened demand.

Recent U.S. Census Bureau data indicates that Collin County, a part of the Dallas-Fort Worth Metroplex, ranks third in the U.S. for numeric growth, with an influx of 45,525 new residents between 2020 and 2022. On the other hand, Collin County Association of Realtors reports a decrease in median home prices, but an increase in the number of closed sales in recent months, as previously reported by Dallas Metro News.

In other local development news, Legacy Partners and Resmark Cos. have jointly initiated construction of the Legacy Gateway, a 336-unit residential community in Forney. Dominium is also progressing with the development of Matlock Flats, a 192-unit project in Arlington, Texas, concentrating on affordable housing.