AUSTIN, Texas, Sept. 3, 2021 /PRNewswire/ -- The NRP Group , a vertically integrated, best-in-class developer, builder and manager of multifamily housing, has broken ground on a 275-unit, fully affordable housing community north of Austin, Texas in Williamson County. The NRP Group is building the 4 percent tax credit and bond development in partnership withCapital Area Housing Finance Corporation (CAHFC).
Located at 15701 Farm to Market 1325 Road, The James on Grand Avenue will help address the need for more affordable housing supply for residents earning up to 60 percent of the Area Median Income. The development will consist of seven, three- to four-story buildings, each with an assortment of one- to four-bedroom units.
"We are very pleased to work with our long-standing partners at Capital Area Housing Finance Corporation on this exciting affordable community for families and working professionals near Austin," said The NRP Group Senior Vice President of Development Jason Arechiga. "CAHFC shares in our mission to create exceptional housing for all renters, regardless of income. Population growth and housing demand in Austin has exploded these past several years as technology companies like Tesla, Apple and Samsung gravitate to the city. The need for more affordable housing accommodations for residents with moderate income profiles is extremely high."
The James on Grand Avenue is within close proximity to ample retail and restaurant options, such as The Domain, one of Austin's premier shopping centers and lifestyle destinations. The development is also a mere three miles east of Apple's new billion dollar campus, which is currently under construction and expected to bring thousands of jobs and billions in investment to the area. Apartment amenities will include a resort-style pool; BBQ pits; a fitness center; a community and business center; a children's center and a playground. Wrap-around services will include financial literacy training, after school programming and first-time homebuyer programs, catering directly to the needs and priorities of residents.
"Williamson County remains an attractive and sought-after destination for working professionals and families in search of affordable, pedestrian-friendly living options in close proximity to jobs and great schools," said Capital Area Housing Finance Corporation (CAHFC) Executive Director Jim Shaw. "CAHFC is dedicated to building workforce and affordable housing across central Texas with resident experience top-of-mind. We are pleased to partner with a trusted developer such as The NRP Group to bring an affordable community of this scale to market."
Leasing is anticipated to begin in August 2022, with final completion scheduled for June of 2023.
About The NRP Group
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing. Since its founding in 1994, NRP has developed more than 43,000 apartment homes, and currently manages over 23,000 residential units. The company employs the entire breadth of its in-house capability 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 expertise by also providing construction and property management services to outside owners and developers. For additional information, visitwww.nrpgroup.com
The Capital Area Housing Finance Corporation (CAHFC) was established in 1981 to address workforce housing needs in Central Texas. CAHFC provides high-quality rental housing to individuals meeting specific income requirements, as well as single-family homeownership assistance for first-time buyers. The corporation partners with consultants, builders, realtors, lenders and local leaders to build relationships that benefit area residents, their communities and counties. CAHFC assists in meeting the housing needs of workforce families in the following counties: Bastrop, Blanco, Burnet, Caldwell, Fayette, Hays, Lee, Llano and Williamson Counties, as well as the City of San Marcos. By providing housing programs and building local and regional partnerships, CAHFC helps local residents achieve their dreams of homeownership while continually contributing to the economy and quality of life of the region.