Irving-based developer JLB Partners plans hundreds of apartments to join State Farm project in Richarson

07/24/2013
By Steve Brown | Real Estate Editor
The Dallas Morning News
 
 Irving-based apartment developer JLB Partners is making a splash with its new Turtle Creek high-rise in Dallas’ Uptown district.
 

But that’s just one of the major rental communities JLB has in the works.

 

The developer will build a large apartment project in KDC’s $1.5 billion mixed-use development in Richardson.

 

The 186-acre development at State Highway 190 and Plano Road is the same one where State Farm Insurance is building it’s huge new regional office complex. More than 6,500 State Farm workers can be housed in the three office buildings.

 

JLB’s apartments will no doubt be popular with the thousands of new workers who will move to the property in 2015.

 

“It’s close to 500 apartment units on two parcels,” said JLB CEO Bay Miltenberger.

 

JLB currently has about $600 million in apartments in works nationwide, according to Miltenberger.

 

Its investment partner in some of the developments is Compatriot Capital, a subsidiary of Dallas-based Sammons Enterprises.

 

Compatriot is also a part owner in KDC.

 

Along with the State Farm buildings and JLB’s apartments, KDC is working on a hotel, retail and additional office buildings in the Richardson project.

 
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