JPI has begun construction on Jefferson Quail Creek, a 415-unit apartment project in Denton, northwest of Dallas-Fort Worth. The company is partnering with the Denton Housing Authority to develop the complex at 3855 Hudsonwood Road, with an estimated cost of $103.2 million.
This marks JPI’s third workforce community construction start this year. The development will include amenities such as a pool, courtyard with grills, beer garden, indoor-outdoor gym, and dog park.
JPI recently started another nearby project, Jefferson Bonnie Brae. That workforce housing community will have 461 units and is being built using tax-exempt municipal bonds. The Denton Housing Authority owns the land for both projects and is expected to receive $35 million in equity from the Jefferson Bonnie Brae deal over the first ten years.
Denton sits about 40 miles north of both Dallas and Fort Worth and has seen population growth along with other northern suburbs. Despite ongoing multifamily construction in North Texas, there remains a shortage of more than 80,000 housing units in the region according to research by the Texas Public Policy Foundation.
Recent state legislation like Senate Bill 840 was intended to ease barriers for multifamily development by allowing easier conversion of existing buildings into apartments in large Texas cities. However, some local governments have responded by considering new requirements such as building height limits or specific amenity standards for apartment complexes.
