Jul 16, 2020, 09:00 ET
CLEVELAND, July 16, 2020 /PRNewswire/ -- The NRP Group, a vertically-integrated, best-in-class developer, builder, and manager of multifamily housing, today announced it has broken ground on four new affordable housing developments in Texas, totaling 922 units and over $175 million investment. The communities include The Arcadian, The Scott at Medio Creek, and Luna Flats, located in San Antonio, as well as Independence at Collin McKinney in the fast-growing Dallas suburb of McKinney, TX.
"The COVID-19 pandemic continues to test us in unprecedented ways," said J. David Heller, Co-Founder and Chief Executive Officer at The NRP Group. "As we come to terms with its impact, we are joining with local municipalities to address the economic and social inequities the virus has exposed within our community. Building more affordable housing is one way we are facing these problems head on, and ensuring there are housing solutions available to those who need it most."
The NRP Group is the largest U.S. developer building both market-rate and affordable communities at scale. In the midst of the COVID-19 pandemic and ensuing economic downturn, the company is accelerating its development and construction of affordable housing to meet increased demand. Since opening its Texas office in 2004, NRP has developed 65 affordable housing developments, totaling 12,500 units of affordable housing, at an investment of over $1.5 billion.
"Sixteen years after we entered the Texas market, NRP continues its commitment to Texas and our mission of creating exceptional housing opportunities for individuals and families, regardless of income," said Jason Arechiga, Senior Vice President of Development at The NRP Group. "We want to provide a safe, quality affordable home for working families now and in the future."
Located at the intersection of two major highways (Loop 1604 and Interstate 10), The Arcadian at 4611 E. Loop 1604 North will provide quick access to San Antonio's urban core, dining, shopping, and cultural attractions, as well as the city's job centers. The 324-unit planned community is less than a 15 minute drive to Joint Base San Antonio-Randolph, a United States Air Force Base and a major employer within the city.
The Scott at Medio Creek is located at 9130 Excellence Drive in Southwest San Antonio adjacent to Loop 410 and I-35. Named for U.S astronaut David Scott, the 324-unit community is minutes away from Joint Base San Antonio-Lackland, as well as Port San Antonio, an innovation district and employment hub for technology, aerospace, cybersecurity, logistics, and manufacturing. Nearby community amenities include Miller's Pond Park & Community Center, as well as the 500 acre Pearsall Park.
Located at 510 Alametos Street along San Pedro Avenue, Luna Flats will transform a dilapidated car lot into a 69-unit workforce housing development along a transit-rich corridor in San Antonio's Midtown Regional Center. The community will include a mix of floorplans ranging from one- to three-bedroom units, and common amenities such as a health and wellness center, business center, clubhouse lounge, laundry facilities, and picnic areas.
Independence at Collin McKinney is located in the fast-growing Dallas suburb of McKinney, TX, which Money Magazine ranked as the #1 Best Place to Live in America, due to surrounding schools, employment, safety, and overall positive quality of life. Located at 2150 Collin McKinney Parkway just west of US-75 and north of SH-121 at the corner of Test Drive, the 205-unit development will address the acute workforce housing shortage in the area.
The Arcadian, The Scott at Medio Creek, and Independence at Collin McKinney will include one- through four-bedroom apartments as well as state-of-the-art community amenities such as a resort-style swimming pool, fitness center, business center, clubhouse lounge, laundry facility, picnic areas, a playground, and a children's activity center with after-school homework help programming.
All four residential communities are scheduled for completion in early 2022.
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 43,000 apartment homes, and currently manages over 23,000 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.
SOURCE The NRP Group
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