ANNA, Texas — This story originally appeared in the Dallas Business Journal.
Dallas-Fort Worth’s most active apartment developer plans to begin construction in December on a large, $59-million apartment community in Anna.
Irving-based JPI plans to start construction on Dec. 15 on the project, called Villages of Waters Creek, in the fast-growing Collin County city. The scope of work includes new construction of multifamily buildings, single-family homes, duplexes and an amenity area with an outdoor pool and courtyard, according to a planning document filed with the state.
The construction will total almost 400,000 square feet, and the location is southwest of White Street (FM 455) and Oak Hollow Lane in the Waters Creek Residential Campus. The scheduled completion date is in December 2024.
Located along the tributary of Throckmorton Creek, JPI’s new hybrid development concept is being developed in partnership with the Anna Public Facility Corp.
It will have 325 traditional multifamily flats and rental cottages. Of the 325 total units, 51% of the units will be rent and income-restricted at 80% of the average median income.
In addition to the residential development, JPI will construct a new roadway connecting the existing Persimmon Drive to West White Street. With the road extension, JPI will build a hike and bike trail on the west side of the creek with a pedestrian bridge crossing to the eastern side of the creek.
The development will have amenities such as a resort-style infinity pool, furnished clubhouse, dog parks, community courtyards, onsite walking trails and private yards for select units.
The project is being designed by Omniplan, an architectural filing with the Texas Department of Licensing and Regulation shows. City planning documents show the multifamily component will consist of four-story apartment buildings, among other uses.
JPI, which will build the apartments, is the most active multifamily developer-builder in DFW, with more than 10% of the market share, JPI CEO Payton Mayes said in a recent interview with the Dallas Business Journal.
The builder is attempting to sharply grow its market share this year to roughly 20% and continue growing its share from there. It has many projects under construction in North Texas, including communities in Frisco, The Colony, Northlake, Grand Prairie and Dallas, to name a few.
Dallas-Fort Worth is one of the country’s top apartment building markets, leading the nation in multifamily development for the past four years.