SAN ANTONIO, June 28, 2019 /PRNewswire/ -- The NRP Group, a vertically-integrated, best-in-class developer, builder and manager of multifamily housing, today announced its San Antonio Team has broken ground on Acero, an upscale multifamily development situated west of the city's historic Southtown and King William neighborhoods.
The community will sit alongside San Pedro Creek, which is currently being redeveloped into a world-class recreational park. When completed, the park will incorporate 3,905 linear feet of walkways, public art, architecture, local crafts, historic preservation, ecosystem restoration and native landscaping.
A 323-unit complex offering a mix of market-rate and workforce apartments, Acero will cater to everyone from young professionals entering San Antonio's hot job market to retirees looking for convenient, hassle-free living in one of America's most active cities.
"We are thrilled to be offering housing of the highest quality in San Antonio, which has experienced incredible growth in recent years," said NRP Co-Founder and Chief Executive Officer J. David Heller. "Acero will add a unique living experience to an already vibrant neighborhood."
Acero will be comprised of a mix of studio, one-, two-, and three-bedroom apartments across five buildings with ample surface parking and attached garages.
Spanning more than 10 acres, Acero includes amenities such as a resort style pool, a state-of-the-art fitness center, outdoor grills, a fire pit, a dog park and a pet wash. Residents will also experience the convenience of 24/7 package concierge, a cyber-lounge, bike storage and repair facilities, and work-from-home conference areas.
The site features convenient access to I-35/I-10 and South Flores Street, bringing jobs, education and entertainment to Acero residents' doorsteps. It is also located just west of Blue Star, a popular Southtown destination serving as a hub for San Antonio's artistic community.
"With Acero, The NRP Group is harnessing the best of San Antonio's vital and vibrant community," said NRP Vice President of Development Alastair Jenkin. "The apartments offer unparalleled access to top-notch dining, entertainment and culture, along with superior amenities. NRP's commitment to Texas has never been stronger."
The NRP Group is developing Acero with equity partner Cornerstone Holdings.
"NRP constructs great communities with blue-chip amenities in prime locations which are very attractive to tenants—its track record speaks for itself. We're very excited to be partnering with a true best-in-class company," said Neville Vere Nicoll, president at cornerstone holdings.
The project is also being developed in partnership with the San Antonio Housing Trust Public Facility Corporation (SAHTPFC). The partnership guarantees 50 percent of units at Acero will be leased to residents who earn less than 80 percent of the area median income.
"Acero is another example of NRP's commitment to meeting the housing needs of all within our community," said San Antonio City Councilman for District 1, Roberto C. Treviño. "Housing is one of our most important initiatives and it will be great to see a new residential community in this neighborhood that also provides an affordable component."
The NRP Group expects Acero to be completed in Spring 2021.
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 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 Cornerstone Holdings
Cornerstone Holdings, based in Denver, is a private investment company backed by the McCloskey Family. Cornerstone's core focus is direct investments in Real Estate and Private Equity.
Aguillon & Associates
SOURCE The NRP Group