CYPRESS, TX—Illinois developer JSQ Commercial recently broke ground on two new multifamily development projects located in Houston, Texas and Indianapolis, Indiana. The projects are part of JSQ’s $36.5 million multifamily development fund which is a national strategy in conjunction with Watermark Residential and Thompson Thrift Construction, both of Indiana.
The Houston project is a 318-unit development located in the up-and-coming suburb of Cypress. The project broke ground in October 2012 and is slated for completion by mid-2014.
“Texas, and more specifically Houston, has been one of the bright spots in the U.S. economy since the recession as job and infrastructure growth has continued strongly at a time when the rest of the country was struggling to gain a footing,” says Mike McNeive, vice president of the company located in the Chicago suburb of Hinsdale. “Steady job growth creates demand for multifamily housing and we feel our project is well positioned to take advantage of a shortage of high quality multifamily product in the market.”
The second project is a 220-unit development located in the affluent Fishers suburb of Indianapolis. Site work for the project commenced in December 2012 and units are expected to be delivered as soon as March 2014.
“Indianapolis has been one of the fastest growing cities in the Midwest for some time now, and Fishers is one of its most affluent and prosperous suburbs,” McNeive says. “When complete, our project will put residents in close proximity to several of the retail and lifestyle amenities Fishers has to offer as well as provide tremendous access to downtown Indianapolis and surrounding suburbs.”
These projects represent the second and third development projects in JSQ’s multifamily fund, which currently has 800 units under construction. The first project in Louisville, Kentucky broke ground in June 2012. “So far we have been able to secure tremendous land sites in high barrier to entry markets, where we will be able to compete well with the existing multifamily supply,” McNeive adds. The fund is targeting seven to nine developments under construction or completed by the end of 2014, with a total of approximately 1,500 to 2,000 units.
JSQ Commercial is a full service commercial real estate company with expertise in investments, brokerage, development and management.