One of the best ways to get a multifamily development to pencil in this sluggish economy is to add an affordability component.
That’s what JPI is doing to get some momentum behind its latest project, Jefferson Quail Creek in the northwest DFW city of Denton, according to a news release.
The company’s third workforce community construction start this year, the 415-unit project, at 3855 Hudsonwood Road, is expected to cost $103.2 million. JPI is partnering with Denton Housing Authority to develop the apartment complex.
It will feature a pool, courtyard with grills, beer garden, indoor-outdoor gym and dog park.
JPI also recently started construction on nearby Jefferson Bonnie Brae, which it’s building with the help of tax-exempt municipal bonds. Denton Housing Authority owns the land and is projected to receive $35 million in equity from the deal in the first decade. The 461-unit workforce housing community will be located at North Bonnie Brae Street and Bronco Way, also in Denton.
Denton is the northern tip of a triangle that includes Fort Worth and Dallas, about 40 miles away from each. It has a population of about 166,000 and has been boosted by the wave of growth north of Dallas.
Despite the wave of multifamily construction and apartment deliveries in North Texas, the region is still short more than 80,000 housing units, according to the Texas Public Policy Foundation. And the gap continues to grow.
The recent passage of state legislation like Senate Bill 840 aimed to make multifamily development easier in big Texas cities by removing barriers for developers trying to convert buildings with other uses to apartments.
As much as residents of northern DFW suburbs claim to be proponents of the slogan “Don’t California My Texas,” political leaders responded to the law’s passage in a very California way — by passing measures to curb lawmakers’ attempt to encourage apartment development. Cities like Irving, Plano, Frisco and Arlington have considered adding height requirements and other measures stipulating what kind of amenities an apartment building needs to have.
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