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, Alabama, 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 which 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 immediately 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 towers, will be a 24-story tower containing 226 units, penthouse featured on the top floor and 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 112-120 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 $115 million resulting in a projected 19.76% return 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 $42,992,060.
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 has the oldest state’s museum and is home to 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 night life and entertainment districts are ranked as some of the top spots including Billy Bob’s Texas, “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 so construction can begin immediately. The construction period is estimated at 24 months. The anticipated market value at the time of sale is $59 million resulting in an overall projected 20% return 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. Thetotal 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 mile 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 $40 million resulting in a projected 19% return over the 7 year hold period.
Westwood at Winterhaven is a 17-building project containing 280 units located in Winterhaven, 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 Winterhaven, Florida, Polk County. The subject is east of 34th street and highway 57 and South of highway 92 in central Winterhaven.
Winterhaven is the heart of Florida’s super region which is an area that generates $300 billion per year in economic activity. The affordable lakeside lifestyle and strong workforce is making Winterhaven into an emerging choice for living. This area is the home of the largest Legoland resort in the world and is about 45 minutes from Disneyland in Orlando, Florida.
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 $53.5 million resulting in a projected 20% return over the 7-year hold period.