JPI Moving Forward on $113M McKinney Apartment Venture
JPI closed on the land to develop Jefferson Terry, a 393-unit community in McKinney. The Dallas Business Journal reports the $113 million project will be located on a 16-acre site at the southeast corner of U.S. Highway 380 and Terry Lane.
Nearly 200 apartments will be reserved for income-qualified residents, including 177 units for households earning up to 80% of the area median income level and 20 units for households earning up to 30% of the area median income level. The remaining units will lease at market rates,.
The first apartments are expected to be available in 2027, with the full project to be completed in 2028.
The community will include four garden-style apartment buildings with studio, one-, two- and three-bedroom floor plans ranging from about 650 to 1,600 square feet. Planned amenities include a resort-style pool, fitness center, coworking space, clubhouse, green space and a dog park. A provided rendering also shows a potential pickleball court.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout