Key facts
- JPI will develop a $150 million, 440-home multifamily complex in Durham, North Carolina.
- The complex, named Jefferson Watts, will include 398 luxury apartments and 42 townhomes.
- Approximately 40 homes will have an affordable housing component.
- The development is located on a 12.6-acre site near Duke University Medical Center.
- Construction is slated to begin in July, with delivery anticipated in 2028.
Multifamily developer JPI is set to re-enter the North Carolina market after more than 15 years with a significant new development in Durham. The company has acquired a 12.6-acre site on Hillsborough Road and La Salle Street to construct Jefferson Watts, a $150 million community comprising 440 homes. This project includes 398 market-rate luxury apartments in a five-story building and 42 high-end townhomes, with approximately 40 units designated as affordable housing.
JPI views the Raleigh-Durham area as a prime market due to its rapid growth in the renter population, increasing household incomes, and expanding labor force. The developer highlighted that demand in the region is currently outpacing new supply, with multifamily construction starts down significantly over the past five years. Vacancy rates in Durham's multifamily sector have also decreased, indicating a rebalancing market.
The Jefferson Watts complex will feature amenities such as a sky lounge, sauna, pool, fitness center, and coworking spaces. The site's proximity to Duke University Medical Center is considered a key advantage. JPI plans to break ground in July, with the project expected to be delivered in 2028. This expansion is part of JPI's broader Southeast growth strategy, supported by a new office in the Research Triangle.