CLEVELAND, Oct. 30, 2019 /PRNewswire/ --A joint venture of The NRP Group, a vertically-integrated, best-in-class developer, builder, and manager of multifamily housing, and Willton Investment Group, a real estate-focused family office investment group, has broken ground on upscale apartment communities in Austin, Texas and Largo, Maryland. Both communities are in submarkets with booming local economies, high-quality job growth, and population inflows.
"We are thrilled to partner with Willton Group, an investor that shares our commitment to forging long-term relationships and delivering best-in-class product quality," said George Currall, Principal and Managing Director of Capital Markets at The NRP Group. "We look forward to embarking on more joint endeavors in the future."
At 12201 Dessau Road in Austin's Tech Ridge neighborhood, the partnership is developing Lucent, which will comprise 368 apartments across 16 three-story residential buildings with attached garages and a standalone clubhouse. Dell, General Motors, Applied Materials, and Samsung's semiconductor facility are within two miles of the community, while Apple's current office and future corporate campus is within five miles.
At 100 Capital Court in Largo, MD, the partnership is developing The Everly at Largo Metro, which will feature 260 apartments within two L-shaped buildings and one U-shaped building. The community will be situated within walking distance of the Largo Town Center Metro station, Prince George County's University of Maryland Capital Region Medical Center, and The Carillon, a mixed-use retail and commercial development.
Both Lucent and The Everly will feature a mix of luxurious one-, two- and three-bedroom apartment homes, with amenities that include resort-style pools with sun decks, fire pits, grills, big-screen TVs, state-of-the-art fitness centers, social and recreational gathering spaces, bike storage and repair spaces, and 24/7 package reception services.
"Our business philosophy is to enter joint ventures with high-caliber sponsors who have a proven track record, so we are thrilled to partner with The NRP Group, which fits this mold exactly," said Navish Chawla, Director of Acquisitions at Willton Investment Group. "Both submarkets have strong demand for best-in-class, highly amenitized, live-work-play housing options, and we're prepared to fill the need."
BMO Harris Bank and Fifth Third Bank provided construction financing for Lucent and The Everly, respectively. Construction of both communities is scheduled for completion in 2021.
About The NRP Group
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing. Since the company's founding in 1994, NRP has delivered more than 35,000 apartment homes, and currently manages over 19,000 residential units. The company utilizes the entire breadth of its in-house capabilities to fulfill its mission: creating exceptional rental housing opportunities for individuals and families, regardless of income.
Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company's formidable size and depth of talent provides the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market- rate, affordable, and senior housing. As a three-time recipient of the National Association of Builders Multifamily Development Firm of the Year and recognized Top 25 Developer by Multifamily Executive, NRP is leveraging its decades of practice by also providing construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.
About Willton Investment Group
Willton Investment Group is a New York City based real estate office focused on multifamily investment across the United States. The firm focuses on joint ventures with high caliber sponsors who have a proven track record for success. For media inquiries or to learn more about Willton Investment Group, please visit www.willtongroup.com.