Multifamily development continues to be a strong focus for JMJ. Both the need and demand for affordable housing is high throughout the United States, providing a strong pipeline for such ventures. Recognized as a premier developer, JMJ currently has projects in Texas, Florida, and Tennessee. The company will soon add Nevada and continue vetting opportunities in states that offer the best business opportunities.
Well-capitalized, privately-held, and experienced in HUD and other platforms for underwriting, JMJ moves rapidly with its streamlined and disciplined approach to the development of market-leading multifamily communities.
The overall strategy for multifamily development is to locate available land that is cost-effective to acquire and in an area with a robust economy that has growth potential due to demand for the location. The combination of those attributes generally signals tertiary land, located on the outskirts of suburban developments that can be developed to serve the residential needs of the population.
The Multifamily Group is a developing part of the operating company with two areas of responsibility. First, building multifamily complexes and the second is opportunistically acquiring multifamily complexes to upgrade in class, perhaps operate until rental income is seasoned at a higher-grade level and thereafter sell the project.at a higher-grade level for a profit. The selection of well-located, opportunistically priced performing multifamily complexes that can be upgraded into a higher-class designation can generate cash flow while being operated during the upgrade process. The Company is currently in construction of various projects in both Texas and Florida and is negotiating to acquire several multifamily structures that have a fairly rapid turnaround time to upgrade into higher rental income parcels. The Company has three projects ready for immediate deployment of funds to build multifamily housing in key markets located in the State of Texas. An additional six projects are planned to be developed over the next seven years.
Villita Tower will be a 24-story tower containing 226 units, with a penthouse featured on the top floor along with a rooftop pool with a social deck. The site will also contain substantial parking spaces and 4,609 square feet of ground-level retail spaces. The 314,000 square foot site, located in San Antonio, Texas (Bexar County) has been acquired. The total development cost for the project is $89,554,874 ($396,261 per unit).
The project is located at 112 Villita Street on the San Riverwalk in San Antonio, Texas in Bexar, County. On the south side of downtown San Antonio, directly on the River Walk and just one-tenth of a mile south of the River Walk’s downtown loop. Surrounding land uses include senior apartments, Class A commercial office space, government buildings, hotels, and the River Walk, all of which are compatible with upscale multi-family rental development. Numerous cultural attractions, sports/entertainment venues, restaurants, retailers, and service providers are also located within one mile of the subject site. Included is the downtown loop of the River Walk, which is one of the most desirable and heavily visited attractions in San Antonio with more than 11.5 million visitors each year.
The subject site is also convenient to multiple highways including Interstate 10, Interstate 35, U.S. Highway 281, and several public transportation options. This allows for convenient transportation to six of the metro area’s largest employers and more than 60,000 jobs all located within one mile of the site.
The site is fully entitled so construction can begin immediately. The construction period is estimated at 24 months. The anticipated market value at the time of sale is $95 million with a projected IRR of 19% over the 7-year hold period.
Mansions at Marine Creek is a garden-style apartment complex sitting on 13.4 acres of land in Ft. Worth, Texas (Tarrant County). The land has been acquired and the project will be divided into three phases. Phase I will consist of 225 units. The total development cost of phase I will be $44M.
The project is located on the Marine Creek Reservoir near the intersection of Loop 820 and Huffines Boulevard in Fort Worth, Texas. The location is far enough from downtown Fort Worth to miss the traffic but close enough to provide all the perks of city living.
Fort Worth is home to the state’s oldest museum and the country’s second-largest art gallery. The Fort Worth rodeo and stock show is one of the most famous in the United States and has been enjoyed for longer than any other rodeo. The nightlife and entertainment districts are ranked as some of the top spots including Billy Bob’s Texas known as “The World’s Largest Honky Tonk”. This location will provide direct access to hike and bike trails connecting to the city-wide Trinity Trails system. The high exposure location near significant retail shops and employment centers creates an exceptional opportunity for development.
The site is fully entitled allowing construction to begin immediately. The construction period is estimated at 24 months. The anticipated market value at the time of sale is $59 million with an overall projected IRR of 22.7% over the 7-year hold period.
Killeen Apartments, a nine-building, three-story project containing 216 units and located in Killeen, TX (Bell County). The 16.12 acres site has been acquired. The total project cost is estimated at $25,935,789.
The project is located at 3701 Rosewood in southeast Killeen, Bell County, Texas; near the border of the city of Harker Heights. The subject is along the west side of Rosewood Drive, .3 miles south of Interstate 14/US-190 (Central Texas Expressway) and five miles southeast of downtown Killeen, six miles southeast of Fort Hood, 20 miles west of Temple, 50 miles south of Waco, and 60 miles north of Austin.
Killeen has historically been known as a tourism, recreation, and retirement destination. The area surrounding the subject site is characterized by a diverse mix of uses. Several regional shopping centers are also located along the Central Texas Expressway corridor within two miles of the subject site including Killeen Marketplace (Home Depot, Ross, Best Buy) and Market Heights (Target, Dick’s, Petco, Ross, Old Navy, Barnes & Noble). Two grocery stores, Aldi and Walmart Neighborhood Market, are also within two miles of the subject site. The Killeen Mall, roughly one mile west of the subject site, is anchored by Dillard’s, JCPenney, and Burlington. Downtown Killeen is five miles northwest of the site and includes a variety of small shops, boutiques, and dining establishments.
The site is fully entitled so construction can begin immediately. The construction period is estimated at 20 months. The construction period is estimated at 20 months. The anticipated market value at the time of sale is $37 million with a projected IRR of 17% over the 7-year hold period.
Westwood at Winter Haven is a 17-building project containing 280 units located in Winter Haven, Florida (Polk County). The 21.68 acres site has been acquired. The total development cost for the project is $40,809,731 ($170.77 per square foot).
The project is located on Avenue G in Winter Haven, Florida, Polk County. The subject is east of 34th street and highway 57 and South of Highway 92 in central Winter Haven.
Winter Haven is the heart of Florida’s super region which is an area that generates $300 billion per year in economic activity. The city boasts an affordable lakeside lifestyle along with a strong workforce. This area is home to the largest Legoland resort in the world and is about 45 minutes from Disneyland in Orlando, Florida.
The site is fully entitled allowing construction to begin immediately. The construction period is estimated at 24 months. The anticipated market value at the time of sale is $47 million with a projected IRR of 18% over the 7-year hold period.
Parc at Ingleside is a 192 unit, three story, garden-style multifamily development located in Ingleside, Texas. The location is located 10 miles from Corpus Christi, Texas and is an area that has experience an ongoing housing shortage. Exxon recently announced a $10B development located eight miles from Parc at Ingleside which will bring 6,000 construction jobs and 600 permanent jobs to the area. Steel Dynamics announced a $1.7B steel mill plant which will bring 600 permanent jobs to the area.
Amenities offered to residents are above average and include gated entry, clubhouse, fitness center, business center, dog park, pool and grilling stations.
Bellwether Ridge Apartments in Desoto, Texas is a gated community featuring 150 luxury apartments along with first-class amenities.
Located at 841 S. Polk Street, at the intersection of South Polk Street and East Parkerville Road, the location is within minutes of multiple shopping, dining and entertainment venues. The location is one mile from Interstate 35 which provides residents easy access to both the Dallas and Fort Worth metro areas.
“We are extremely excited to be announce this new community in Desoto, Texas,” said Timothy Barton, CEO of JMJ Development. “DeSoto is a fast-growing city with excellent city leadership. We’re currently exploring other development options in the area.”
The carefully planned community offers residents upscale amenities which include a luxurious clubhouse, park area with mature trees, resort style pool and lifestyle deck, state-of-the-art fitness center, cyber cafe, and enhanced business center. The community caters to pet owners with a pet play area and dog washing station.
Overlook at Allensville Square is a gated garden-style apartment community nestled in the foothills of the Smoky Mountains. The six building community is composed of 1, 2, and 3-bedroom apartment homes ranging in size from approximately 669 to 1,041 square feet.
The community features breathtaking views of the surrounding mountains and while offering the comfort of a neighborhood feel. It is located minutes from downtown Sevierville and residents will be within five miles of schools, shopping, dining, and entertainment.
The complex features an attractive exterior design with modern amenities including a clubhouse, pool, children’s playground, BBQ grills/grilling areas and outdoors fireplace. Interior features include, 42″ upper cabinets, kitchen islands, W/D connections and ceiling fans in living room and bedrooms.
JMJ Development’s most recently completed project is Parc at Windmill Farms. The multifamily development is a $36 million HUD project and is a gated 272 unit property. The luxurious A+ apartments are located in Windmill Farms subdivision off Highway 80 in Forney, Texas. The property offers 1, 2 and 3 bedroom apartment homes with wood-like floors, custom finishes, granite countertops, large kitchens, pool with splash pad, expansive fitness center, wifi lounge, and entertainment room.