Apartment Builders Buy High-profile Las Colinas Building Site

Apartment builder JPI has purchased another development site in Las Colinas' booming Urban Center.JPI bought more than five acres on the south side of Northwest Highway along the DART commuter rail line. The vacant tract is just east of the Irving Convention Center.And it's near where Irving is building its new convention hotel and the rail station.The property JPI acquired was one of three tracts of land marketed by CSE Commercial Real Estate and Holliday Fenoglio Fowler.The properties are some of the last development sites in Las Colinas' high-density Urban Center.JPI already has two new apartment projects on nearby properties. The Jefferson Lake Carolyn Apartments on Riverside drive has 407 units and the Jefferson Riverside on Northwest Highway has 371 apartments.JPI plans to build 387 more apartments in the Jefferson on Promenade project it will build on the just-purchase Northwest Highway site. It has an option to buy the land next door for another 375 rental units.Las year JPI was the top apartment builder in North Texas with more than 3,100 units under construction in the D-FW area.  Continue reading...