Journeyman Group announced on April 17 that it has acquired a 16-acre site near Princeton, Texas, where it plans to build a 306-unit multifamily development. The project marks the Austin-based developer’s first entry into the Dallas-Fort Worth market.
The expansion comes as population growth in Princeton and surrounding areas has accelerated. Journeyman Group said the new development, called Princeton Point, is intended to meet rising demand for workforce-affordable housing as more people move into North Texas.
The company purchased the property at 5251 FM 982 from Ray Johnston of No Bad Days LLC. Brokers from Edge Realty Partners and Shop Companies represented Johnston in the transaction, while Journeyman Group handled its own representation. Construction on Princeton Point is set to begin immediately and is expected to take about two years, with initial move-ins projected for late 2027 or early 2028.
Princeton Point will offer one-, two-, and three-bedroom apartments with monthly rents ranging from $1,125 to $2,000. Planned amenities include a pool, fitness center, clubhouse, theater room, package lockers and a dog wash station. The firm currently controls about 4,800 units in Austin but aims to expand into other high-growth markets such as Dallas-Fort Worth, Houston and San Antonio by focusing on middle-market rental strategies.
Princeton was identified as the fastest-growing city in the United States between mid-2023 and mid-2024 according to U.S. Census Bureau American Community Survey data. This rapid expansion led local officials to temporarily impose a housing moratorium due to infrastructure strains; however, this did not affect Journeyman’s site located outside city limits in unincorporated Collin County. Seller Ray Johnston noted that extending sewer service required obtaining more than two dozen easements over a yearlong period.
With utilities now established at the site and new residential construction underway nearby, additional interest from multifamily developers—as well as industrial and retail investors—is anticipated as population trends continue.
