Revitalization Of Cedars Enters New Chapter
Sale of JPI's South Side Flats Community Indicates Institutional Investor Interest
IRVING, Texas, June 22, 2017 /PRNewswire/ -- Twenty years ago, the South Side area was born when the historic Sears warehouse in Dallas' Cedars neighborhood was acquired and transformed into retail and loft apartments. Since that acquisition, historic buildings in the neighborhood continue to be repurposed, while at the same time developers are constructing new residential, retail, restaurants and entertainment venues as part of the wider GrowSouth revitalization efforts on the south side of downtown Dallas. Today, the investment paid off for one developer. JPI, a leader in the development of Class A multi-family housing, sold South Side Flats by Jefferson to Waterton, a U.S. real estate investor and operator. Matthews Southwest, the catalyst developer for the South Side neighborhood, partnered with JPI on the community, which is the first newly constructed market-rate multi-family community built in the South Side area of the Cedars.
"South Side Flats is attractive to residents and investors alike, offering extensive modern amenities and services while maintaining an authentic neighborhood feel," said Matt Brendel, senior vice president and development partner at JPI. "The performance of the community exceeded our expectations, due in part to the growth of the dynamic neighborhood and the community's thoughtful urban design and higher level of service."
CBRE brokered the sale of the community for JPI and Matthews Southwest. South Side Flats was developed and built by JPI in 2016 and sits on approximately 4 acres. The community's best-in-class amenities include a rooftop lounge, pool with outdoor kitchen, fitness center, large clubhouse, private yards, downtown views, stained concrete floors, and smart home technology in select units.
"We are extremely pleased with the continued success of South Side Flats and the way the community contributes to the live/work/play vibrancy of the South Side area," added Kristian Teleki, senior vice president at Matthews Southwest. "Recently, other exciting additions, such as Full Circle Tavern's expansion, La Taverna, the Alamo Draft House, David Weekly's single family home development and Four Corners Brewery have joined South Side Flats to promote the lifestyle of the neighborhood we have worked many years to develop."
Walkable points of interest also include the Cedars DART Light Rail Station, Omni Convention Center Hotel, Gilleys, Alamo Drafthouse, and the NYLO Hotel.
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 DFW with 3,874 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, mid to high-density wrap and podium projects, student living housing projects and mixed-use high raise 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 www.JPI.com.
About Matthews Southwest
Based in Lewisville, Texas, Matthews Southwest was founded in 1988 as a full-service development company by Jack Matthews. The company has completed projects across a broad spectrum including residential, corporate office, hospitality, institutional and industrial, in both Canada and the United States. In addition to the company's extensive development of Dallas' South Side district, which include Alamo Drafthouse, Gilley's Dallas, NYLO Dallas South Side and South Side on Lamar, Matthews Southwest's has worked on other high profile projects such as the Omni Dallas Convention Center Hotel, The BOW, a 58-story mixed use development in Calgary and the Tribute master planned development. To learn more about Matthews Southwest, visit www.matthewssouthwest.com.
SOURCE JPI
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