Younger Partners Brokers 32-Acre Sale to Multifamily Giant JPI

GRAND PRAIRIE, Texas (Aug. 14, 2024) – Younger Partners Executive Managing Director John St. Clair and Associate Davis Willoughby brokered the sale of 31.8 acres at the northwest corner of Lake Ridge Parkway and Great Southwest Parkway in Grand Prairie, Texas, to JPI, a leader in the development of best-in-class multifamily communities.

St. Clair and Willoughby represented the undisclosed seller, the property’s longtime owner. The transaction was a direct deal with JPI.

“This tract has been overlooked for years because of its topography and the city’s floodplain challenges, but JPI saw the potential to make those issues an asset,” St. Clair said. “This is an amazing acquisition for JPI and a wonderful addition to the city of Grand Prairie’s multifamily offerings.”

Like most North Texas cities, there is demand for housing units, particularly multifamily, throughout Grand Prairie. “Infill multifamily sites are highly coveted, and it is difficult to find them in the right location with the appropriate zoning,” Willoughby said. “When these parcels are found, they have great value. This site was a rare gem for JPI as it was already zoned for multifamily usage.”

Occupancy for all multifamily units across DFW hovers around 92%, according to Q2 data. The city also has some of the region’s largest employers with Lockheed Martin, Grand Prairie ISD and Poly-America Inc. leading the way, according to the City of Grand Prairie.

“City leadership recognizes the need for these kinds of projects,” Willoughby said. “The city’s planned development provision for this property was written in the 1980s, which required some discussion to ensure the multifamily stipulated within the zoning complies with the city’s multifamily standards of today.  It was a unique situation to have the purchaser, seller and city working together to bring the project to fruition.”

Additionally, because about half of the land is located in the flood plain, it inspired some out-of-the-box thinking for JPI in considering this site, St. Clair added. “On the positive side, the flood plain creates a site featuring natural, wooded views which JPI can take advantage of to create an amenity for the residents,” he said.

“It is a testament to JPI to select this parcel for a project,” St. Clair said. “JPI has a quality team. The combination of a long track record of success and its ability to perform sets the firm apart. From a broker’s perspective, JPI appreciates and values the work we bring to a transaction. This is not always the case with sellers and buyers.”