Buchanan Street Partners and CarVal Investors Collaborate with JPI on $74 Million Apartment Development in Dallas-Fort Worth Metroplex

Investors’ $16 million preferred equity commitment anchors construction of 409-unit multifamily project, marking the first phase of a 14-acre master-planned development

DALLAS and Newport Beach, Calif. – April 10, 2018 – Buchanan Street Partners, a Newport Beach, California-based real estate investment management firm, in partnership with Minneapolis-based CarVal Investors, has made a $16 million preferred equity investment in the $74 million development of Jefferson Alpha West, a 409-home Class A apartment community in the Dallas-Fort Worth Metroplex city of Farmers Branch, Texas. The project is a co-development between JPI and Dallas-based Bridgeview Real Estate, master developer of the 14-acre Alpha West mixed-use project near the Galleria Dallas regional mall.

“Our investment in Jefferson Alpha West offers the opportunity to participate with a premier multifamily developer in JPI and contribute to a significant mixed-use project in the dynamic Galleria submarket,” said Bob Dougherty, partner at Buchanan Street Partners.

Jefferson Alpha West represents the first phase of the master-planned Alpha West project at the corner of Alpha Road and Inwood Road and near the border between Farmers Branch and Addison. At completion, Alpha West will include up to 300,000 square feet of office space, 80,000 to 100,000 square feet of retail shops, a 155-room hotel and a 1,200-stall parking garage.

Jefferson Alpha West is a four-story project featuring one- and two-bedroom units ranging in size from 566 to 1,280 square feet. Apartments will feature 10-foot ceilings and contemporary kitchens with stainless steel appliances and quartz countertops. Community amenities will include concierge service, a resort-style pool, a two-story clubhouse, a state-of-the-art fitness center and yoga studio, and structured parking. The property has excellent visibility from the Dallas North Tollway and is within walking distance of Galleria Dallas.

“We value our ongoing relationship with CarVal and recognize the opportunity to achieve attractive risk-adjusted returns on this investment,” added Dougherty. “Strong regional growth paired with the merits of this project and the participants involved make this a compelling investment for Buchanan Street.”

ABOUT BUCHANAN STREET PARTNERS

Buchanan Street Partners is a real estate investment management firm based in Newport Beach, California that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested and structured approximately $19.5 billion of capital in a broad range of equity and debt real estate investments through the United States. The company is comprised of a highly skilled team that has invested through multiple real estate cycles, enabling them to identify opportunities and maximize value while prioritizing principal preservation. www.www.buchananstreet.com.

ABOUT CARVAL INVESTORS

CarVal Investors is focused on distressed and credit-intensive assets and market inefficiencies. Since 1987, its experienced team has navigated through ever-changing credit market cycles, opportunistically investing $103 billion in 5,300 transactions across 79 countries. Today, CarVal Investors has over $10 billion in assets under management in both credit and real estate strategies. www.carvalinvestors.com.

ABOUT JPI

JPI is a national developer, builder and investment manager of Class A multifamily assets across the U.S. and is the most active multifamily developer in Dallas-Fort Worth, with 4,201 apartment homes under construction. Headquartered in Irving, Texas, JPI also has offices in California, Arizona, and New York. With a 30-year history of successful developments throughout major U.S. markets and an unparalleled depth of industry-specific experience, JPI stands among the most active privately held real estate companies in the country. JPI’s executive leadership team has an average of 25 years of comprehensive experience in multifamily developments – ranging from low-density garden apartments and mid- to high-density wrap and podium projects to student-living housing projects and mixed-use high-rise developments. The firm offers investment management, pre-development, underwriting, marketing and asset management services as well as construction, financial and administrative services. www.JPI.com.

###