JPI Breaks Ground on $150M Jefferson Watts Multifamily Project Near Duke in Durham

DURHAM, N.C. — JPI, a multifamily developer, has broken ground on Jefferson Watts, a $150 million, 440-home community near Duke University in Durham, N.C. The company held a groundbreaking ceremony Nov. 12, and the project is scheduled to open in 2028.

Jefferson Watts is JPI's first development in North Carolina in more than 15 years and leads the firm's expansion into the Raleigh-Durham region, where it has established a permanent office, the company announced.

JPI Jefferson Watts Project Details

The community sits on a 12.6-acre site at 348 Hillsborough Road, at the intersection of Hillsborough Road and La Salle Street. It will pair 398 apartments with 42 townhomes, a combination JPI said is rarely offered this close to Duke's campus and Medical Center.

The five-story apartment building will include studio, one- and two-bedroom homes averaging 916 square feet. The three-story townhomes will each offer nearly 2,000 square feet, with 10-foot ceilings, two-car garages, private balconies and master suites. Thirty-nine homes will include an affordable housing component.

Planned amenities include a fifth-floor sky lounge and several thousand square feet of indoor-outdoor amenity space with views of the adjacent Hillandale Golf Course. The community will also have a resort-style pool, a sauna, a fitness center with a dedicated yoga studio, coworking lounges and private offices, multiple coffee bars, a media and game room, a Zen garden, and an outdoor games and game-watching area.

The project works out to roughly 34.9 homes per acre and an implied development cost of about $340,900 per home, based on the $150 million project cost.

Development Team and Local Support

JPI is developing Jefferson Watts with Anchor Investments. Cline Design is the architect, McAdams is the civil engineering and landscape architecture firm, and KAI is handling interior design.

Durham Mayor Leonardo Williams attended the ceremony. "This is what smart development looks like," Williams said.

Jake Fortune-Greeley, JPI's vice president of development for the Southeast, said the company called Jefferson Watts its first chapter in North Carolina in June and that the chapter is now officially underway. He thanked partners and stakeholders including Anchor Investments, Cline Design, McAdams, the Watts-Hillandale community and the City of Durham. "With a $150 million investment, this is one of the largest single-use multi-family projects in Durham's history, and it takes a huge team effort to do that," Fortune-Greeley said.

Fortune-Greeley added that the project brings quality housing to a key growth corridor on a site that has long sat vacant. JPI announced the land closing in June 2026.

Site Near Duke University Medical Center

JPI said the site is among the few remaining developable parcels in direct proximity to Duke University Medical Center, which employs more than 11,000 people and is near a graduate student population of roughly the same size. The parcel anchors a corridor the company described as highly accessible and rapidly transforming, with new grocery and retail development.

Durham Apartment Market Context

Jefferson Watts is entering a Durham market that is absorbing new supply but still carries elevated vacancy. Durham absorbed approximately 1,130 apartment units in the third quarter of 2026, and vacancy fell to 10.3% from 11.5% in the second quarter. Average asking rent was $1,559 per month, down 0.8% from the prior quarter and 0.3% from a year earlier.

Durham's development pipeline stands at 5,577 units, up 20% year over year. In the broader Raleigh-Durham market, absorption totaled 1,113 units in the third quarter, while 5,863 units were completed over the trailing 12 months, a 42% decline from the prior trailing period. The market's pipeline totals 17,679 units, equivalent to about 14 quarters of absorption at the recent pace. Thirty-year mortgage rates were approximately 7.4% in early October 2026.

Outlook for JPI in Raleigh-Durham

JPI describes the Raleigh-Durham region as one of the nation's fastest-growing renter markets. The company's permanent regional office signals a platform-level expansion beyond the single project.

Sources

• JPI: JPI Breaks Ground on Jefferson Watts in Durham, N.C.