An investor has purchased a year-old Las Colinas apartment community.
Irving-based builder JPI sold its 371-unit Jefferson Riverside apartments at 655 Promenade Pkwy. to Atlanta-based apartment firm Cortland Partners.
Terms of the sale were not disclosed.
The almost 5-acre rental community opened last year near the Toyota Music Factory and the Irving Convention Center.
The Jefferson Riverside is in one of the Dallas area’s fastest-growing apartment markets.
“We’ve called Las Colinas home for a long time,” said Matt Brendel, JPI division president. “Las Colinas has experienced unprecedented growth over the last few years.”
The four-story apartment project was designed by JHP Architecture and financed by Fifth Third Bank.
Institutional Property Advisors brokered the sale.
Institutional Property’s Will Balthrope said there was a lot of investor interest in the property. “The historically strong occupancy and demand from tenants in Las Colinas was attractive to investors,” he said. “Interestingly, the tenants in the building work both east and west — from DFW Airport to downtown Dallas — in addition to the immediate Las Colinas area.”
With the latest purchase, Cortland owns more than a dozen Dallas-area rental communities.
The Irving project, which is more than 95 percent occupied, has been renamed Cortland Las Colinas.
“The Metroplex continues to be a national leader for job creation, and with that, demand for apartments,” Cortland CEO Steven DeFrancis said. “Cortland is committed to growing its presence in this dynamic market and in Las Colinas, a sought-after live-work-play environment.”
JPI has built several apartment communities in Las Colinas and has ongoing development there. It currently has about 4,000 apartment homes under construction in North Texas.