At NRP, we improve lives and enhance neighborhoods. Collaborating with public and private partners, we provide safe, high-quality, thoughtfully designed communities that residents at all income levels are proud to call home. Founded as an affordable housing developer, NRP has emerged as the 2022 NAHB Developer of the Year, NMHC #9 Top Multifamily Developer in the U.S. and the national leader in creating both affordable and market rate housing at scale. We have developed over 56,000 apartment homes in more than 300 developments across 15 states at a cost of $10 billion. Our innovative approach, unwavering mission, and shared core values have led to decades of growth and future opportunities.
Innovative strategic partnerships.
Across the multifamily income spectrum, we form creative development and financial partnerships that get projects done—collaboration is in our DNA. We pride ourselves on being the preferred partner for housing authorities, nonprofits, hospitals, and other development collaborators. With our expertise in lifecycle project management of multifamily housing across the spectrum of income, deal structures, and funding sources, we accelerate capital absorption while our partners focus on their unique core capabilities. We go above and beyond to find the right partners for each project to ensure the community and neighborhood are best served.
Unanimous cross-functional approval.
Development projects at NRP go through a rigorous underwriting process in our Investment Committee that includes collaboration among leaders of each functional area: Development, Construction, Property Management, Marketing, Finance, and others. Each project can progress to the Executive Committee only with the signature of every leader. Through this process, every person in the company knows their leader is behind every housing development. The result? Approved projects nearly always get funded, built, and hit proforma targets over 90% of the time.
Design that adapts to context and change.
NRP focuses on ground-up real estate development with an emphasis on low-rise, mid-rise, and townhomes in suburban and urban infill locations across the full spectrum of resident incomes. We design every project in harmony with its surroundings and continually evolve unit designs to exceed resident expectations. As reported in the Wall Street Journal, we were among the first to adapt our unit designs in response to COVID-19. NRP is known for outstanding multifamily residential placemaking; for translating consumer demands and market trends into beautifully designed site plans, apartment homes, poolscapes, and amenities packages that are seamlessly integrated into their neighborhoods.
High-growth market expansion.
We have expanded our footprint over the past five years by adding A+ developers in new markets that include New York, New Jersey, DC Metro, Boston, Atlanta, and Nashville. We have also expanded our presence in existing markets, including Austin, Dallas, Houston, and North Carolina. At present, well over a third of our pipeline originates from this expanded NRP footprint, with tremendous upside for future growth.
Exceptional rental communities, regardless of income.
The NRP Group started as an affordable developer almost three decades ago and in 2008 added a market rate business that has grown at an accelerated pace. We thrive in this balance and have become the #1 multifamily developer in the U.S. that creates both affordable and market rate communities at scale. The mission of The NRP Group is to create exceptional rental communities for individuals and families, regardless of income.