Market Overview

Development Continues in Mercer Crossing with Phase Two of Multifamily Development by JPI

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DFW's most active developer closes on Jefferson Mercer II, adding
416 homes to Farmers Branch live-work-play community

It's no surprise that residents are flocking to Farmers Branch, one of
the fastest-growing North Texas cities, to benefit from everything the
growing suburb has to offer. JPI, the most active multifamily developer
in DFW, also sees the momentum growing in Farmers Branch and has chosen
it as the home for one of their newest communities, Jefferson Mercer.

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https://www.businesswire.com/news/home/20180820005365/en/

Today, JPI has closed on phase two of Jefferson Mercer and plans to add 416 additional apartment hom ...

Today, JPI has closed on phase two of Jefferson Mercer and plans to add 416 additional apartment homes to the original 424, which began construction in January 2017. (Photo: Business Wire)

Today, JPI has closed on phase two of Jefferson Mercer and plans to add
416 additional apartment homes to the original 424, which began
construction in January 2017.

"As the oldest settlement in Dallas County, Farmers Branch offers a
unique live-work-play environment – something we know people are looking
for," said Matt Brendel, divisional president and managing partner at
JPI. "This second phase will allow us to provide additional homes to the
residents of Farmers Branch, a population that grows each and every day."

Jefferson Mercer II, located south of I-635 and west of I-35, provides
an oasis where residents can escape the big city and enjoy natural
surroundings. The community will sit proximate to a 30-acre lake and
provide convenient access to two miles of trail systems and five acres
of green space for residents to enjoy.

On the property, residents can utilize the outdoor fitness and CrossFit
center 24 hours a day, as well as a gated dog park, swim-up pool bar and
state-of-the-art indoor fitness center and yoga studio.

Individual homes at Jefferson Mercer II will feature urban-style
architecture with upgraded interiors and extensive amenities such as:

  • Urban 10-foot ceilings
  • Balconies and patios with ground-floor private yards
  • Separate glass-enclosed showers
  • Washers and dryers included

Just southwest of Jefferson Mercer is Las Colinas, a 12,000-acre
master-planned business and residential community home to 31,000
residents and over 100,000 employees. As one of the strongest economic
submarkets in the nation, Las Colinas boasts more than 100 regional
headquarters as well as six Fortune 500 global headquarters,
including ExxonMobil, Celanese, Kimberly-Clark, Pioneer Natural
Resources, Vistra Energy and Fluor Corporation.

The community is also located just three miles west of the major
employment centers at I-635 and the Dallas North Tollway, including the
1.5-million-square-foot Lincoln Center, the 24-story Pinnacle Tower
(formerly Oxy Tower) and the renowned Galleria office park. Access to
this area has been greatly improved with the newly completed LBJ Express
project. The recently expanded I-635 has added six sub-surface managed
lanes, which are expected to be traveled by more than 360,000 cars daily.

Comerica Bank is the lender for the project, while CrossHarbor Capital
Partners serves as equity partner.

About JPI

JPI is a national developer, builder and investment manager of Class A
multifamily assets across the U.S. and is the most active multifamily
developer in Dallas-Fort Worth, with over 4,000 apartment homes under
construction. Headquartered in Irving, Texas, JPI also has offices in
California, Arizona and New York. With a 30-year history of successful
developments throughout major U.S. markets and an unparalleled depth of
industry-specific experience, JPI stands among the most active privately
held real estate companies in the country. JPI's executive leadership
team has an average of 25 years of comprehensive experience in
multifamily developments – ranging from low-density garden apartments
and mid- to high-density wrap and podium projects to student-living
housing projects and mixed-use high-rise developments. The firm offers
investment management, pre-development, underwriting, marketing and
asset management services as well as construction, financial and
administrative services. To learn more about JPI, please visit JPI.com.

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