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IRVING, TX-JPMorgan Investment Management has put nearly $100 million into play to fashion a multifamily crown jewel from two acquisitions. The latest pick-up is the 409-unit Lincoln at La Villita, which local sources say far surpassed the $100,000 per unit that JPMorgan paid eight months ago to get a neighboring 360 units from Amli.

Local experts now are wondering if JPMorgan has dibs on one or both of the sellers’ second phases, a possible explanation for buying into a competitive situation. The Chicago-based Amli Residential Properties Trust, now under construction on the second phase, recently bought about two more acres to expand its plan. And, Dallas-based partners Lincoln Property Co. and Sarofim Realty Advisors also are under way with a sister product, Lincoln at Lakeside.

To date, JPMorgan has amassed a 31.98-acre fortress of nearly full trophy product of varied sizes and floor plans. The Lincoln at La Villita at 6604 Deseo Dr., which will be getting a new name, was 97% leased at sale time–just two percentage points below its neighbor, Mission at La Villita at 635 E. Royal Lane, when it was bought from Amli just months before it became part of the New York City-based Morgan Stanley hierarchy. JPMorgan’s plan is to let the apartment neighbors feed off each other, but maintain separate leasing offices and teams.

Brian O’Boyle with Apartment Realty Advisors in Dallas marketed the Lincoln at La Villita, a 24-building, award-winning development that clearly hit the market without an ask. But, local sources point to the 20-cent-per-sf differential between the Lincoln development and that of Amli’s to support estimates that it sold at a significantly higher price.

Word on the street is the New York City-based JPMorgan definitely has eyes for both developers’ second phases. “They’re pleased and they’d like to get more,” one source says.

JPMorgan and other investment groups will soon have yet another plan to peruse. Right across the street, 90 acres are being laid out for multifamily, retail and condo office development. And, nearby is Hines, which is taking 105 acres from its land bank to develop 385 single-family lots at Lincoln’s northern boundary.

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