Las Colinas Apartments Go to California Insurance Investor

A California-based insurance investor has purchased a large Las Colinas apartment community.The 422-unit Jefferson Las Co apartments are located on Lake Carolyn PkwyIn Irving and were built by developer JPI.The rental project was acquired by Pacific Life and was built in 2018.The development is near the Toyota Music Factory, the Las Colinas Urban Center DART rail station and Lake Carolyn.It's one of the newest apartment projects in Las Colinas."If you live in North Texas, you've probably noticed the explosive growth Las Colinas has undergone over the past few years," Matt Brendel, division president and managing partner for JPI's Central Region, said in a statement. "Las Colinas is thriving. The buyer, Pacific Life, agrees and sees a true competitive advantage for Jefferson Las Co."JPI built the project with financing from SunTrust, CIBC and Walton Street Capital.Terms of the sale were not disclosedJPI is the most active multifamily developer in Dallas-Fort Worth, with more than 5,000 apartments under construction.  Continue reading...