The NRP Group, a vertically integrated builder and manager of multifamily housing, plans to break ground on more than 6000 apartment homes this year. This represents the largest multifamily construction start in the company’s 28-year history.
The Cleveland, Ohio-based developer will begin construction on 23 new affordable, market rate, and mixed-income communities this year, representing a total of $1.9 billion in real estate investment. Additionally, the firm’s rapidly growing third-party construction business anticipates adding an additional 2500 starts.
The 23 projects will serve resident needs, with 11 market rate developments totaling 3762 units; 10 affordable developments totaling 1865 units for residents at or below 60 percent of the area median income; and two projects with 658 apartment homes, in which half of the units are priced at market levels and half are priced for residents at 80 percent of the area median income. Planned construction starts are distributed across the NRP footprint in Texas, the D.C. Metro, New York, New Jersey, Florida, North Carolina, and Ohio.
Additionally, The NRP Group will open and begin leasing a record 24 new communities totaling 5960 market rate, affordable, and moderate income apartment homes across the NRP footprint.
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