AUSTIN-JPI, a luxury apartment developer based in Irving, TX, likes what it sees in Austin’s future–more residents.

To meet housing demands of a projected population explosion, the company is simultaneously hard at work on two side-by-side communities, totaling 520,828 sf, being built on 30.5 acres at the intersection of FM 2222 and Texas 620. The 241-unit Jefferson Lake and 310-unit Jefferson Canyon will be completed in May 2002, Greg Smyrl, JPI’s regional asset manager, tells The projects are situated in northwest Austin on land parceled off from the Four Points development of Hillwood Development in Ft. Worth.

The neighboring projects will boast different exteriors, but carry similar base rental rates and floor plans. The units will range from 644 sf up to 1,341 sf, with base rents of $1.06 per sf up to $1.14 per sf. Smyrl says JPI plans to start pre-leasing the properties after the first of the year.

This isn’t the first time that JPI has constructed neighboring projects simultaneously in the state capital. Jefferson Scofield Ridge and Jefferson Scofield Farms are separated by a road.

JPI Apartment Construction is serving as general contractor for the project designed by Fusch Serold, a Dallas architectural firm. JPI had broken ground on the dual projects about three weeks ago.

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