More real-estate-firm troubles you haven’t read about in the newspaper: JPI, a multifamily developer based in Irving, Texas, earlier this week shut down or canceled all new development and construction projects — and laid off development, design, and construction teams. Existing projects already underway will be “completed and wrapped up by a small team that will remain behind until they are complete,” according to a company email provided to Swamplot. The email blamed “the ongoing credit crisis” and “the inability to obtain credit at any price” for the closings.
JPI did not appear to have any projects planned for Houston, but JPI Living does operate Jefferson Estates at Bellaire, an apartment complex at 4807 Pin Oak Park, just inside the Loop between Bissonnet and the Southwest Freeway.
- JPI [via Swamplot inbox]
- Jefferson Estates at Bellaire [JPI Living]
Photo of Jefferson Estates at Bellaire: JPI Living
Yup, these yo-yos took over my College Station apartment complex over the summer. Since June, a lot of renovation has been completed. About two weeks ago, all construction stopped on the new exercise Taj Mahal. Thank goodness they just finished replacing the original pools built in ’95. The JPI management is the worst I’ve ever experienced. I hope the credit crisis continues so they lose all their leases due to unfinishished promises. They increased rents 15-30% all at once! About one-third of the units in my building are now vacant. After 4 weeks of nagging, they finally repaired the 2 inch hole in my sheetrock that their maintenace crews created when installing a brand new electronic thermostat!