WASHINGTON--()--Local office and mixed-use developer, Akridge, together with the former principals of major east coast multi-family developer, JPI East, today announce a new venture they have formed to build on the success the JPI East operations have achieved over the last 10 years. The new venture, to be called Jefferson Apartment Group, will invest in multi-family residential properties in the mid-Atlantic and Northeast regions of the United States.
“In recent years, it has been one of our goals to have a more significant presence in the multi-family sector”
Jim Butz, former President of JPI East, will be an owner and the Managing Partner of the new venture. Greg Lamb, former Executive Vice President of JPI East, will be an owner and Executive Vice President.
JPI East and Akridge both have a service oriented brand focus, lead the industry in innovative and sustainable development solutions, are champions of workplace excellence, are committed to the communities in which they work, and have similar priorities and company culture.
For Akridge, the new venture provides a diversity of skill, product type and fee stream, and expands its institutional reach in the broader commercial real estate market. Executives from both firms acknowledge the cultural fit to be the most important component for the success of the venture.
“In recent years, it has been one of our goals to have a more significant presence in the multi-family sector,” said Matthew J. Klein, Akridge President. “I have known Jim and Greg for years and have great confidence in their capabilities, integrity and market knowledge. This is a great opportunity to align with proven market leaders.”
The Jefferson Apartment Group team will be initially headquartered in Tysons Corner, Va.
“Jefferson Apartment Group will represent the same top-quality capabilities the market is accustomed to getting from JPI East and Akridge,” said Jim Butz, President and Managing Partner of Jefferson Apartment Group. “We are pleased to enter the market with Akridge as our partner and we look forward to acquiring and developing more first class multi-family properties in Washington and other East Coast cities.”
While at JPI, Butz and Lamb were responsible for acquisition, development, construction and management of over 15,000 units, valued at $3 billion, in fifteen cities on the East Coast. Jefferson Apartment Group will focus on acquisitions and development as well as construction and property management in markets with a high barrier to entry.
The JPI parent company is not involved with this new venture and continues to own and operate almost $2 billion in multi-family assets around the country with operations based in Irving, Texas.
Akridge is a comprehensive real estate services company that provides acquisition, development, construction management, asset management, property management, leasing, and consulting services. For nine of the last ten years, Akridge has been ranked the number one real estate firm in the country, among firms of similar size, for Client satisfaction by the industry’s foremost benchmarking firm, CEL & Associates.
Since 1974, the company’s projects have encompassed over 12 million square feet of space in the greater Washington region. Akridge is honored by awards for sustainability from the following organizations: the Greater Washington Board of Trade, the Washington Business Journal, Bisnow on Business, the District of Columbia’s Department of the Environment, the Smart Business Network of Washington and the Environmental Protection Agency’s ENERGY STAR program. Akridge is the winner of the National Capital Business Ethics Award, given by the Society of Financial Service Professionals for ethical business conduct and is recognized as a ‘Best Place to Work’ in Greater Washington according to the Washington Business Journal. For more information, please visit www.akridge.com.