Wednesday, August 10, 2016

New Las Colinas apartment community sells to Mormon investment company

The Jefferson Las Colinas apartments have 386 units. 
A major new rental community in the heart of Irving's Las Colinas community has just changed hands.
Apartment builder JPI sold its new Jefferson Las Colinas, which opened last year with 386 units.
The six-acre rental community is on Las Colinas Boulevard just north of Northwest Highway.
JPI senior vice president Matt Brendel said the project is "one of the prominent properties within the city's Urban Center."
JPI did not disclose the buyer of the apartment community.
But it was purchased by Utah-based Property Reserve Inc., a real estate investment and development company owned by the of Church of Jesus Christ of Latter-day Saints, county deed records show.
Terms of the sale were not disclosed. The rental community is valued for property taxes at almost $45 million.
Apartment Realty Advisors brokered the sale of the property.
The apartment community has been renamed Fountain Pointe Las Colinas.
The apartments just sold are one of three large rental developments Irving-based JPI has underway in the Las Colinas Urban Center.
JPI is building the 371-unit Jefferson Riverside apartments on the corner of Riverside Drive and Northwest Highway that will start opening early next year.
JPI's Jefferson on Lake Carolyn apartments on Lake Carolyn Parkway and California Crossing have 422 units and will open next summer.
Written by Steve Brown/Dallas Morning News