CLEVELAND, Jan. 29, 2019 /PRNewswire/ -- The NRP Group, a vertically-integrated, best-in-class developer, builder, and manager of multifamily housing, today announced it has broken ground on 17 new projects in 2018, totaling 3,463 units of both market-rate and affordable apartment homes, at a value of over $750 million. As part of its rapid growth, the company expanded into Atlanta, GA, and broke ground on projects in three new markets including the NYC, Boston, and D.C. metro areas. In 2019, The NRP Group expects to close 19 projects totaling 4,500 units with over $1 billion in third-party capital.
"2018 was a record-setting year for The NRP Group and we're excited about the progress we've made in fulfilling our mission, to create exceptional rental housing opportunities for individuals and families, regardless of income," said J. David Heller, Co-Founder and Chief Executive Officer at The NRP Group. "Now we look forward to expanding our footprint and scope of services in the new year."
Some of The NRP Group's groundbreakings in 2018 included:
- The Flats at River North - San Antonio, TX
- The Rockwell - Berlin, MA
- The Salado at Red Berry - San Antonio, TX
- 1701 Central - St. Petersburg, FL
- Sawyer - Jersey City, NJ
- The Stella – San Antonio, TX
- Aria Bradenton - Bradenton, FL
- The Residences at Maple Glen - Marysville, OH
- The Beckett - Austin, TX
- North Andover Apartments - North Andover, MA
- Parsons Village II - Columbus, OH
- Rio Lofts - San Antonio, TX
- The Elliott - Arlington, TX
- The Allure at Gateway - Pinellas Park, FL
Beyond groundbreakings, The NRP Group has opened 12 new properties this year, including Edge 1909, a luxury residential development in the Strip District in Pittsburgh, The Terrace at Walnut Creek, NRP's first affordable housing development in the Austin area, and Brookside Residences, a new, mixed-income senior housing community in Cuyahoga Falls, OH.
Properties opened in 2018 include:
- Lucero Apartments - San Antonio, TX
- The Baldwin at St. Paul Square - San Antonio, TX
- TradeHouse at Bulverde Marketplace - San Antonio, TX
- Viridian - San Antonio, TX
- The Starling - San Antonio, TX
- The Bridge at Harris Ridge - Austin, TX
- The Terrace at Walnut Creek, Austin, TX
- Gristmill at Tuscany Park - Arcola, TX
- Flats at 901 - Euless, TX
- Edge 1909 - Pittsburgh, PA
- Avanti - St. Petersburg, FL
- Brookside Residences - Cuyahoga Falls, Ohio
Last year also marked the first of several new partnerships for The NRP Group. The company is developing The Rockwell, an upscale multifamily apartment community in Berlin, MA, with two new partners, HQ Capital as equity provider and M&T Bank as lender. The NRP Group also partnered with the Travis County Housing Finance Corporation to develop The Terrace at Walnut Creek—an affordable community that brought over 300 apartment homes to the Austin, TX area.
"We're grateful for our financial partners. Our relationships with institutional investment groups, regional and national banks, family offices and individuals have assisted in accelerating our growth in our existing markets and across new regions," said Andrew Tanner, Executive Vice President and Chief Financial Officer at The NRP Group. "We look forward the exciting work ahead in 2019."
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 1995, 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 HQ Capital
HQ Capital Real Estate is a member of HQ Capital, a leading independent manager of alternative assets investing on behalf of institutions and family offices in global private equity and U.S. real estate since 1989. As of September 30, 2018, HQ Capital's more than 150 employees manage $11.5 billion in total assets from 10 offices across North America, Europe and Asia. HQ Capital Real Estate manages over $4 billion in real estate assets across the U.S., representing approximately 9,000 apartment units and 12 million square feet of commercial space. With its innovative and entrepreneurial culture, strong investment acumen, and commitment to social responsibility, HQ Capital is a trusted partner to its clients worldwide. Further information can be found at www.hqcapital.com.
About M&T Bank
M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New York, Massachusetts, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.
SOURCE The NRP Group