Weitzman has tapped North Texas’ most prolific multifamily builder to expand on a retail development in Lewisville.
A joint venture with Dallas-based JPI will build 760 apartments spanning 12 acres on Windhaven Parkway, next to Weitzman’s Castle Hills Marketplace, the Dallas Business Journal reported. The development will cost $225 million to build, or about $296,000 per unit.
Castle Hills Marketplace is anchored by a 128,000-square foot Kroger store. It’s home to several restaurants, such as Chili’s, Pei Wei and Indian eatery Desi Chowrastha.
“We have a very successful grocery-anchored shopping center, and 760 units probably brings on another 1,100 or 1,200 people where they can walk to the grocer,” Weitzman vice president David Palmer told the outlet.
The residential project will be attached to Bright Realty’s the Realm at Castle Hills, a 324-acre mixed-use complex comprising apartments, office space and retail.
Weitzman plans to add 20,000 square feet of retail and restaurant space, divided into sections within future apartment buildings and a neighboring lot. The first phase of development will focus on the retail portion, slated for completion by fall of 2025. The first batch of apartments are expected to be available that summer, the outlet said.
JPI, the largest multifamily developer in North Texas, delivered 2,436 homes to the region last year. As of September, the firm had about 2,000 units in the pipeline, including a 398-unit project off Eastchase Parkway in east Fort Worth, the 450-unit Jefferson Lloyd complex in Grand Prairie, and 320 apartments in Anna.
A subsidiary of Tokyo-based Sumitomo Forestry acquired JPI in October. The deal was valued at $215 million by financial news publication Nikkei Asia.
Sumitomo had worked with JPI on previous developments, investing more than $200 million in seven JPI rental communities over the previous four years.