JPI Sells Three Multi-Family Assets in Anaheim’s Platinum Triangle | national company
ANAHEIM, Calif.–(BUSINESS WIRE)–April 7, 2022–
JPI, a leader in the development of Class A multi-family communities, today announced the transition of three assets in Anaheim’s prestigious Platinum Triangle region.
Consisting of 1,079 apartments in total, the Jefferson Rise and Jefferson Edge properties were acquired, and the completed REVO development was transferred to long-term owner, MORE Residential, a Texas-based multi-family investment company. The transactions conclude a three-phase development project launched by JPI in June 2016 when it received unanimous approval from the Anaheim Mayor and City Council.
JPI has partnered with Grand China Fund, a Beijing-based private equity real estate fund, in a joint venture to develop both Jefferson Rise and Edge. REVO is the result of a joint venture between JPI and MORE Residential, the second development and pre-sales agreement between the two companies.
“These successful transactions represent a more than six-year effort by JPI, backed by GCF’s insight into the U.S. market and MORE Residential’s expertise in maximizing opportunities to create its premier residential portfolio,” said Patty Bartlett, Executive Vice President of JPI. President and Regional Managing Partner. “We are proud of the results achieved by the two partnerships for GCF, MORE, JPI and the residents of these three high quality assets.
Adrian Su, CEO of Grand China Fund, adds, “The US multifamily has had a great run over the past year, and these assets have been no exception. Our partnership with JPI has allowed us to create an amazing community in Anaheim, it’s a fast growing market where housing supply hasn’t kept pace with rental demand, we’re proud to be part of the solution . We are delighted to work with JPI to continue to grow our investment portfolio, to deliver stable, long-term returns to our investors.
Dubbed Stadium Park, the seventeen-acre area the three actives call home is directly adjacent to the Los Angeles Angels of Anaheim Ballpark at the southwest corner of State College Boulevard and Gene Autry Way. Residents of this prime Platinum Triangle location can access Anaheim’s Regional Transportation Intermodal Center (ARTIC), as well as year-round entertainment including Major League Baseball’s Los Angeles Angels of Anaheim and the Anaheim Ducks of the National Hockey League. Additionally, Stadium Park is located one mile from the Downtown Disney shopping district; Disneyland and California Adventure theme parks. It is also within ten miles of Anaheim’s five major employers: Disneyland Resort, Kaiser Foundation Hospital, Hilton Anaheim, Cash Call, Inc., Mortgage Division, and Anaheim Memorial Medical Center.
About the Western Region Division of JPI
JPI West Region is based in San Diego, CA and has developed communities throughout California totaling over 16,000 units. JPI’s West Division also plans to begin construction on at least $1.04 billion in new multi-family developments in 2022 and 2023, comprising more than 2,169 luxury apartments.
JPI is a national developer, builder and investment manager of Class A multifamily assets across the United States, with more than 5,000 apartments under construction. JPI is headquartered in Irving, Texas, with an office in California. With a 30-year history of successful developments in major US markets and an unparalleled depth of industry-specific experience, JPI is among the nation’s most active private real estate companies. JPI’s management team has extensive experience in multi-family developments – ranging from low density garden apartments and medium to high density shell and podium projects to student housing projects and high rise developments. mixed use. The company offers investment management, pre-development, underwriting, marketing and asset management services, as well as construction, financial and administrative services. To learn more about JPI, visit JPI.com.
About the Grand China Fund
Established in 2010, Grand China Fund is a real estate private equity fund manager with approximately RMB 20 billion and USD 1.5 billion in assets under management. The firm relies on institutional-grade processes, strategic planning, capital markets expertise and proprietary networks to find unique opportunities and deliver consistent returns to high-net-worth individuals and institutions. In the United States, the company has invested in 23 projects, representing approximately 6,000 residential units in eight cities. To learn more about the Grand China Fund, visit: en.gcfoverseas.com.
About MORE Residential
MORE Residential was established in 2018 to focus on residential rental investment strategies on behalf of institutional investors and financial institutions. The firm’s professionals are focused on identifying superior investments that meet the ever-changing demographic shifts and demand preferences of today’s tenants. MORE pursues a variety of investment strategies, including acquisition, development, mezzanine, preferred stock and recapitalization opportunities. Learn MORE at https://www.moreresidential.com/.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220407005940/en/
CONTACT: Erin Allen, JPI
KEYWORD: CALIFORNIA TEXAS CHINA UNITED STATES NORTH AMERICA ASIA PACIFIC
SECTOR KEYWORD: RESIDENTIAL BUILDING & REAL ESTATE CONSTRUCTION & REAL ESTATE REIT
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PUBLISHED: 04/07/2022 1:16 PM / DISK: 04/07/2022 1:17 PM