past Full Cycle Investment

Jefferson Alpha West

In April of 2018 Bridgeview Real Estate (“Bridgeview) started development on a 409-unit Class A apartment community in Farmers Branch, TX located right off the Dallas North Tollway.

Bridgeview partnered with JPI to develop a 409-unit multifamily community named Jefferson Alpha West (the “Project”).

Project costs, including the construction budget and fees, totaled $75.03 million (~$183,500 per unit). The initial capitalization was funded with $46.673 million of senior financing from Synovus, $16.0 million of mezzanine financing, and $12.36 million of equity capital from Bridgeview, JPI and an insurance company.

Jefferson Alpha West Building

The development and delivery of all 409 units was completed on time and on budget. The Project was fully (90%+) leased and stabilized by April of 2021. Upon stabilization, the Sponsor began marketing the asset to sell during the peak in market sales prices for multifamily assets.

Jefferson Alpha West was sold on June 3rd, 2021, for $92.0 million (~$224,900 per unit), an increase of ~22.3% relative to the total Project basis.

Bridgeview’s investors realized an internal rate of return (“IRR”)of 31.9% and a cash-on-cash return of 2.37x over the 40-month investment horizon.

Property Gallery


JEFFERSON ALPHA WEST

Multifamily Property | Farmers Branch, TX

Photos provided by JPI

This property has since been sold and the new owner has renamed the property

Portfolio Performance


Project IRR

41.8%
Cash Multiple
2.40x
Hold Period
40 Months

Past performance is not indicative of future results.