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Millrose Properties to deliver permanent capital solution for JPI's Multifamily Housing developments. Millrose Properties and JPI Launch New Land Banking Partnership to Expand Class A Multifamily Housing Development Millrose Properties, Inc., a leading provider of homesite option and land banking solutions for residential homebuilders, has announced the successful closing of the first acquisition under a newly established land banking facility created in partnership with JPI, one of the nation's premier multifamily housing developers. The initiative, supported by Kennedy Lewis Investment Management (KLIM), the parent company of Millrose's external manager, is designed to finance the acquisition and development of Class A multifamily land across JPI's key growth markets. The collaboration represents an important milestone for all three organizations, introducing a long-term capital solution that enables JPI to accelerate its development pipeline while maintaining greater financial flexibility. By leveraging Millrose's permanent capital platform, JPI can continue expanding its portfolio of high-quality apartment communities without committing significant balance sheet capital to land ownership during the early stages of development. The first acquisition completed through the facility marks the beginning of what both companies expect to be a long-term strategic relationship focused on supporting multifamily housing growth in high-demand regions throughout the United States. Under the terms of the arrangement, Millrose Properties will acquire land and finance the development of sites that will ultimately become part of JPI's multifamily housing pipeline. Rather than purchasing and holding development land directly, JPI will utilize Millrose's land banking structure, allowing the developer to secure strategically located sites while preserving capital for construction, operations, and future investments. This model significantly improves capital efficiency by reducing the amount of cash tied up in land ownership. Instead of purchasing sites outright, JPI will pay option fees to Millrose during the development period and acquire the land when projects are ready to move into construction. This phased approach enables the company to better align land acquisition costs with project timelines and capital deployment strategies. For Millrose, the agreement represents a significant expansion of its business model. The company's homesite option platform has traditionally focused on supporting single-family homebuilders and build-to-rent developers. Through this partnership, Millrose is extending its expertise into the multifamily sector, opening new opportunities to serve apartment developers seeking innovative financing solutions. The expansion demonstrates the growing demand within the residential real estate industry for capital-light development strategies that allow builders and developers to continue growing despite increasingly complex market conditions. Rising land prices, elevated financing costs, and tighter capital markets have encouraged developers to seek alternative funding models that preserve liquidity while maintaining access to attractive development opportunities. Millrose's permanent capital platform addresses these challenges by separating land ownership from the development process. This allows developers to move projects forward without making substantial upfront land investments, improving financial flexibility and reducing pressure on corporate balance sheets. According to Darren Richman, Chief Executive Officer and President of Millrose Properties, the partnership reflects the company's broader vision of supporting residential developers across multiple housing segments with innovative capital solutions. Richman noted that builders and developers throughout the residential real estate market continue to seek financing structures that enable sustainable growth while protecting balance sheet strength. He emphasized that Millrose aims to serve as a dependable long-term partner regardless of housing type, geographic market, or economic cycle. He explained that extending the company's homesite option platform into the multifamily sector provides apartment developers with an off-balance-sheet capital solution that allows them to pursue land-intensive growth opportunities without limiting their financial flexibility. The partnership also strengthens Millrose's position as a diversified capital provider within the residential development industry. By expanding beyond traditional single-family housing into multifamily projects, the company broadens its addressable market while demonstrating the versatility of its land banking platform. For JPI, the new facility provides a strategic financial tool that supports continued expansion across its target markets. The company has built a strong reputation for developing premium Class A apartment communities that offer modern amenities, high-quality construction, and attractive living environments in rapidly growing metropolitan areas. As demand for professionally managed multifamily housing continues to rise, securing development-ready land has become increasingly competitive. The ability to access land through a flexible financing arrangement allows JPI to pursue more acquisition opportunities while preserving capital for future construction activity and strategic investments. Mollie Fadule, Chief Financial and Investment Officer at JPI, said the company is pleased to deepen its relationship with both Millrose and Kennedy Lewis through the new land banking facility. She explained that the partnership provides JPI with a flexible off-balance-sheet financing solution that enhances the company's ability to compete for attractive land opportunities throughout its target markets. The arrangement supports continued growth of JPI's multifamily development pipeline while enabling the company to deliver additional Class A apartment communities to meet increasing housing demand. The facility also illustrates the growing importance of strategic partnerships between developers and specialized capital providers. Rather than relying exclusively on conventional financing methods, many developers are adopting collaborative funding structures that improve efficiency and reduce financial risk. Kennedy Lewis Investment Management plays an important role in supporting the initiative through its relationship with Millrose. As the parent of Millrose's external manager, KLIM provides institutional investment expertise and capital resources that strengthen the platform's ability to fund large-scale residential land acquisitions. The combined expertise of Millrose, JPI, and Kennedy Lewis creates a partnership that integrates capital management, land acquisition, and multifamily development capabilities into a unified platform capable of supporting long-term residential growth. The timing of the partnership is particularly significant as the U.S. housing market continues to face ongoing supply shortages, especially within the multifamily sector. Many metropolitan areas continue to experience strong population growth, rising rental demand, and limited housing inventory, increasing the need for new apartment developments. Developers, however, continue to navigate higher interest rates, construction cost pressures, and constrained capital availability. Innovative financing structures such as land banking have become increasingly valuable because they allow companies to move projects forward while reducing the financial burden associated with land ownership during lengthy entitlement and development periods. By providing permanent capital for land acquisition and development, Millrose enables developers like JPI to focus resources on project execution while maintaining greater flexibility to pursue future opportunities. As both companies continue to expand their collaboration, the newly established land banking facility is expected to support multiple multifamily developments across JPI's target markets. The model offers a scalable framework that can be replicated across future projects, helping accelerate housing delivery while improving capital efficiency. The successful completion of the first acquisition demonstrates the practical application of this approach and establishes a foundation for continued investment in high-quality residential communities. With strong institutional backing, an innovative financing structure, and aligned long-term objectives, the partnership positions Millrose Properties and JPI to play an increasingly important role in supporting the next generation of multifamily housing development across the United States.

JPI, a US multifamily developer, has closed on a 12.6-acre site in Durham, North Carolina, to build Jefferson Watts, a $150 million community with 440 homes. The project marks JPI's first development in North Carolina in over 15 years. The development will feature 398 market-rate flats and 42 luxury townhomes near Duke University Medical Center, which employs more than 11,000 people. Construction is scheduled to begin in July 2026, with completion expected in 2028. JPI selected Raleigh-Durham after identifying it as a high-growth market with strong fundamentals. Multifamily construction starts in the region have fallen 55 to 65 per cent, positioning the area for strong rental growth as demand outpaces supply.