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A new Celina Texas apartment development is moving forward with $23.5 million in Commercial Property Assessed Clean Energy financing, signaling how one of North Texas’s fastest-growing markets is merging rapid expansion with long-term operational efficiency. Jefferson Ownsby, a 436-unit multifamily community planned for 317 E. Ownsby Parkway, secured the funding through Lone Star PACE with capital provided by PACE Equity. The project is being developed by JPI, one of the nation’s largest multifamily developers, and represents a new approach to construction financing in high-growth suburban markets.
The C-PACE transaction will fund energy and water conservation measures built directly into the development’s design. At full buildout, the community will span 559,000 square feet across four residential buildings. The financing structure offers developers an alternative to traditional construction debt while delivering measurable cost savings over the property’s operational life.
What C-PACE Financing Means for Development Projects
Commercial Property Assessed Clean Energy financing allows property owners to fund qualified energy efficiency improvements through a property assessment repaid over time. For new construction projects in Texas, C-PACE can finance up to 35% of the total capital stack, offering long-term, fixed-rate, non-recourse financing that reduces the weighted average cost of capital.
The assessment stays with the property if it’s sold, which changes the risk profile for both developers and future buyers. For this Celina Texas apartment development, the 30-year assessment term aligns with the building’s expected operational lifecycle rather than shorter traditional loan periods.
Lee McCormick, president of Lone Star PACE, noted the financing model’s flexibility: “C-PACE continues to prove its value across the full development cycle, from early-stage construction to long-term reinvestment. For fast-growing communities like Celina, it’s a tool that helps ensure new projects are built with efficiency and sustainability in mind.”
Energy Efficiency Measures in the Jefferson Ownsby Project
The C-PACE financing will fund specific upgrades integrated into the project’s construction:
Building Envelope Improvements
- High-efficiency windows designed to reduce thermal transfer
- Enhanced wall and roof insulation beyond standard building code requirements
Mechanical and Electrical Systems
- Upgraded HVAC systems with advanced controls
- LED interior and exterior lighting with automated management systems
- High-efficiency plumbing fixtures throughout all 436 units
Over the 30-year assessment term, these improvements are projected to reduce utility and operating costs by more than 15%, generating more than $54 million in cumulative savings for the property. That represents a meaningful competitive advantage for long-term operations and eventual investor returns.
Aaron Douthit, vice president of JPI, explained the developer’s perspective: “The PACE Equity and Lone Star PACE structure was a perfect fit for the high standard of sustainability incorporated into the design of our 436-unit Celina project.”
Celina’s Multifamily Development Boom
This Celina Texas apartment development joins multiple projects reshaping the city’s housing stock. Celina ranked as the fastest-growing city in the country among municipalities with at least 20,000 residents, posting a 26.6% population increase between July 2022 and July 2023. The city added approximately 9,000 residents during that period.
Separate market data shows that home prices in Celina have risen nearly 130% over the past decade—more than twice the national growth rate. That price acceleration has created demand for multifamily housing as an alternative to ownership. Several apartment communities are under construction or recently delivered, including The Depot at Celina Station (336 units), Highfield Preston (multiple building phases), and Sundance Celina (townhome-style apartments).
Jefferson Ownsby’s location at the southeast corner of Preston Road and Ownsby Parkway positions the community near planned retail, dining, and entertainment developments. According to the apartment community’s website per Community Impact reporting, the four-building complex is expected to include amenities such as a pool, fitness center, dog park, and standalone clubhouse.
Market Implications for Investors and Developers
The C-PACE financing model used for this Celina Texas apartment development creates several strategic advantages worth examining:
Capital Stack Optimization By funding up to 35% of the project through C-PACE, developers reduce their reliance on traditional construction loans and equity. The long-term, fixed-rate structure provides payment certainty that construction loans typically don’t offer.
Operating Expense Reduction The $54 million in projected savings over 30 years represents a meaningful competitive advantage. Lower utility costs allow for more aggressive rent pricing while maintaining margin, or higher NOI at market rents. For institutional buyers evaluating stabilized assets, reduced operating expenses improve capitalization rate calculations.
Risk Transfer on Sale Because the C-PACE assessment remains with the property upon sale, it doesn’t trigger debt assumption issues that conventional loans create. Buyers acquire both the efficiency improvements and the remaining assessment obligation. This can simplify transactions and potentially expand the buyer pool.
What to Watch in Celina’s Development Pipeline
Several factors will shape the next phase of Celina Texas apartment development:
Absorption Rates Multiple communities delivering units simultaneously will test the market’s absorption capacity. Pre-leasing timelines and initial occupancy rates will signal whether supply is outpacing demand or if the 9,000-resident annual growth rate can support the new inventory.
Infrastructure Capacity Water, wastewater, and road infrastructure must scale with residential growth. Development agreements and Municipal Utility District formations will indicate whether the city can maintain its growth trajectory without creating service bottlenecks.
Employment Center Development Celina’s transformation from bedroom community to employment hub depends on commercial and industrial development keeping pace with residential growth. The ratio of housing units to commercial square footage will determine whether residents can live and work locally or face longer commutes.
C-PACE Adoption If Jefferson Ownsby demonstrates strong operational performance tied to the C-PACE financed improvements, other developers may adopt similar financing strategies for new Celina Texas apartment development projects. The model could become standard practice rather than an outlier approach.
Financing Mechanisms for High-Growth Markets
Commercial Property Assessed Clean Energy financing represents one tool among several that developers use to capitalize projects in rapidly expanding suburban markets. Traditional construction-to-permanent loans remain the dominant approach, but alternative structures are gaining traction.
The 30-year assessment term for C-PACE aligns with institutional investment timelines better than typical seven or ten-year loan structures. Pension funds and insurance companies evaluating multifamily acquisitions increasingly factor ESG metrics into their underwriting. Buildings with documented energy efficiency and lower carbon footprints may command premium valuations from these buyers.
For this specific Celina Texas apartment development, the combination of C-PACE financing and JPI’s track record suggests the project is positioning for eventual sale to an institutional buyer rather than long-term hold by the developer. Over 35 years, JPI has developed more than 370 multifamily communities consisting of over 115,000 units in 141 cities throughout 27 states.
Due Diligence Considerations for Buyers
Investors evaluating properties with C-PACE assessments should examine several factors:
Assessment Terms vs. Asset Hold Period If the C-PACE assessment extends 30 years but the buyer’s planned hold period is seven years, the assessment obligation transfers to the next buyer. This requires clear disclosure and proper underwriting of the assessment’s impact on resale value.
Actual vs. Projected Savings The $54 million savings projection assumes energy prices, occupancy rates, and system performance over three decades. Buyers should stress-test these assumptions and verify that the efficiency measures deliver measurable results during the first few years of operation.
Lien Priority C-PACE assessments typically hold senior lien position, ahead of mortgage debt. This affects refinancing options and requires lender consent in most cases. Buyers need to confirm their permanent financing sources will accept the C-PACE structure.
North Texas Multifamily Fundamentals
The Celina Texas apartment development pipeline reflects broader North Texas migration patterns. The Dallas-Fort Worth metroplex added 152,598 residents in 2023 according to U.S. Census Bureau data, representing the largest population increase of any U.S. metro area during that timeframe. Significant percentages are choosing suburban markets over urban cores.
Multifamily fundamentals in North Texas show the market adjusting to recent supply increases. Occupancy rates across the broader DFW market reached 91.3% in the fourth quarter of 2024 according to MMG Real Estate Advisors, down from previous highs as new supply was absorbed. Rent growth moderated from pandemic-era spikes but market analysts project a return to positive rent growth by mid-2025 as construction starts have slowed significantly.
New supply in Celina will compete primarily with other new construction rather than established communities, creating a quality-focused competitive dynamic. The city’s position along the Dallas North Tollway corridor provides highway access while maintaining lower density than established cities like Plano or Frisco.
Strategic Positioning in Growing Markets
The Jefferson Ownsby project demonstrates how Celina Texas apartment development is evolving beyond basic supply response to incorporate financing innovation and operational efficiency. The $23.5 million C-PACE transaction provides JPI with capital stack flexibility while delivering a community designed for lower long-term operating costs.
For investors tracking North Texas multifamily markets, Celina represents a growth story still in its early chapters. The combination of population influx, infrastructure investment, and developer interest suggests sustained activity through the remainder of the decade. Whether C-PACE financing becomes a standard approach for future projects will depend largely on how well Jefferson Ownsby performs relative to conventionally financed competitors.
Market fundamentals support continued demand. The Dallas-Fort Worth metroplex added just under 75,000 jobs in 2023, with education, health services, and financial activities sectors driving significant portions of employment growth. Major corporate expansions including Wells Fargo’s $500 million Irving campus and Goldman Sachs’ regional headquarters further solidify the region’s economic foundation.
Conclusion
The 436-unit Jefferson Ownsby community represents how Celina Texas apartment development is incorporating both rapid growth response and long-term operational strategy. The C-PACE financing structure offers a blueprint for developers seeking to optimize capital stacks while meeting increasing demand for energy-efficient buildings from institutional investors.
As Celina continues its transformation from small town to North Texas growth center, projects like Jefferson Ownsby will test whether infrastructure, employment development, and housing absorption can keep pace with population increases. The 26.6% annual growth rate that made Celina the nation’s fastest-growing city creates both opportunity and execution risk for developers and investors.
For those evaluating Celina Texas apartment development opportunities, the Jefferson Ownsby project provides a case study in alternative financing mechanisms, energy efficiency integration, and positioning for markets experiencing rapid demographic change. The coming quarters will reveal whether the model proves replicable across other high-growth suburban markets in North Texas.
As Celina continues attracting major multifamily investment like Jefferson Ownsby, neighboring communities are also seeing transformative projects that signal the region’s evolution. McKinney’s upcoming Cannon Beach surf lagoon resort represents another example of how North Texas suburbs are moving beyond traditional residential development to create destination amenities that support population growth and economic diversification. These coordinated investments across Collin County suggest the region’s development trajectory extends well beyond basic housing supply response.
