CLEVELAND, Jan. 20, 2021-- The NRP Group, the vertically-integrated, best-in-class developer, builder and manager of multifamily housing, today announced it broke ground on 21 new projects in 2020, comprised of 4,865 units of market-rate, moderate income and affordable housing, with over $1.3 billion in third-party capital deployed. These numbers represent record levels for the firm, both in terms of total production and individual project scope.
"The NRP Group successfully navigated the challenges presented by the coronavirus pandemic and strategically overcame market disruptions to continue our mission of delivering exceptional rental communities to individuals and families, regardless of income," said J. David Heller, CEO of The NRP Group. "Our strong culture, shared core values and consistent history of overcoming great challenges has helped our A+ players rally together to keep each other safe while achieving record performance in a very difficult environment. I cannot overstate how proud I am of our team."
The 21 developments that broke ground in 2020 were in the states of Massachusetts, New York, Pennsylvania, Maryland, Virginia, North Carolina, Florida, as well as in Ohio, Indiana, and Texas. They included both the highest cost market-rate development NRP has done - The Rylan in McLean, Virginia - as well as the highest cost affordable development - The Renaissance at Lincoln Park in New Rochelle, New York.
"Keeping all of these projects moving forward during the pandemic has taken grit and creativity, but it is also a testament to the strength of the relationships and goodwill we have developed with our public and private partners and investors," said George Currall, Principal and Managing Director of Capital Markets at The NRP Group. "We built these relationships by consistently delivering on our commitments and we are thankful for the trust our partners and stakeholders have shown in us through a difficult time."
Over half of the projects in 2020 were affordable housing developments -- 12 of 21 or 57% – which will provide housing for residents earning less than 60 percent of area median income. This is significant since the pandemic has put additional pressure on an already existing shortage of affordable housing throughout the U.S. The 2020 NRP project list was rounded out with 3 moderate income housing communities and 6 market-rate communities.
The NRP Group's 2020 groundbreakings included:
Bridge at Loyola, a 204-unit affordable community in Austin, TX
Tiffin Pointe II, a 56-unit affordable community in Tiffin, OH
The Scott at Medio Creek, a 324-unit affordable community in San Antonio, TX
The Arcadian, a 324-unit affordable community in San Antonio, TX
Luna Flats, a 69-unit affordable community in San Antonio, TX
The Independence, a 205-unit affordable community in McKinney, TX
Homes of Evansville II, a 60-unit affordable community in Evansville, IN
Elevate at Kitty Hawk, a 212-unit affordable community in San Antonio, TX
Renaissance at Lincoln Park, a 179-unit affordable community in New Rochelle, NY
Legacy at Alazan, an 88-unit affordable community in San Antonio, TX
Sundale Flats, a 180-unit affordable community in Charlotte, NC
Melton Center/Miner Apartments, a 51-unit affordable community in West Chester, PA
St. Andrews, a 330-unit moderate income community in Austin, TX
West Dallas, a 367-unit moderate income community in Houston, TX
Princeton Crossroads, a 300-unit moderate income community in Princeton, TX
Motiva, a 354-unit market rate community in Greenbelt, MD
Grayson Lofts, a 184-unit market rate community in Wakefield, MA
The Rylan, a 390-unit market rate community in Tysons Corner, VA
The Hadlen, a 303-unit market rate community in White Plains, NY
Azora - Pasco Ballantrae, a 331-unit market rate community in Lutz, FL
Aqua, a 354-unit market rate community in Bradenton, FL
In addition to its record number of groundbreakings, The NRP Group opened 10 communities in 2020, totaling 2,600 units located in six states including Texas, Florida, Massachusetts, Ohio, North Carolina, and Maryland. The openings included 3 affordable housing communities, 1 moderate-income housing community, and 6 market-rate apartment communities.
NRP communities open in 2020 include:
The Stella, a 324-unit affordable community in San Antonio, TX
Residences at Cornerstone (second phase), 76-unit affordable community in Cleveland, OH
Platform Lofts, a 198-unit affordable community in Charlotte, NC
The Salado at Red Berry, a 330-unit moderate income community in San Antonio, TX
Aria at Bradenton, a 302-unit market rate community in Bradenton, FL
The Rockwell, a 204-unit market rate community in Berlin, MA
1701 Central, a 243-unit market rate community in St Petersburg, FL
Axiom, a 272-unit market rate community in Clarksburg, MD
Knoll, a 308-unit market rate community in Austin, TX
Norra, a 347-unit market rate community in Lewisville, TX
In addition to the new project groundbreaking events and community openings, The NRP Group disposed of four market-rate properties totaling 1,326 units in 2020, generating over $300 million in proceeds.
Outside of NRP-developed properties, NRP's third-party general contracting group, which launched in 2017, broke ground on an additional 1,800 units, representing one-fourth of NRP Construction total unit starts for the year. As a result, NRP's in-house construction business had a record-high 51 active projects at 2020 year-end representing more than 12,000 units at $1.6 billion in construction cost.
Looking to the future, The NRP Group already expects to break ground in 2021 on 18 projects totaling nearly 3,800 units with committed 3rd party capital already exceeding $1 billion, with more projects to come during the year.
"The recent approval of legislation that locks in 4% LIHTC funding will allow us to do more developments in more places and help deliver much needed affordable housing across our footprint," Currall said. "We are excited for all we can accomplish in 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 developed 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 recipient of numerous industry awards and a company recognized in multiple top industry rankings, NRP is leveraging its decades of expertise by also providing construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.