NRP Group Adds Luxury Apartments to Dallas Portfolio
The property has an art-inspired design.
The NRP Group is expanding its presence in the Dallas market with the opening of Diamond Flats, a 331-unit luxury apartment community with 5,000 square feet of ground-floor retail.
Leasing is underway at the property, where rents range from $1,625 to $3,150.
NRP broke ground on the property, located at 1402 Carrollton Parkway in Carrollton, Texas, in October 2023 as part of a joint venture with H.I.G. Realty Partners. The project was funded with a nearly $54 million construction loan from Santander Bank.
Diamond Flats was designed by Davies Architects with interiors by SJL Design Group. NRP said the project was envisioned as a residential community inspired by art. The asset features light-filled spaces and gallery-style corridors filled with curated artwork.
The four-story building has a mix of one-, two- and three-bedroom layouts ranging in size from 725 to 1,499 square feet. Apartment interiors feature keyless entry systems, stainless steel appliances, under-cabinet lighting, luxury vinyl plank floors, above standard ceiling heights, ceiling fans and in-unit washers and dryers. Two packages provide residents with a choice of quartz countertops, cabinetry and kitchen backsplashes. Select units feature private balconies.
Community amenities include a fitness center, pool with outdoor game areas and TVs, three landscaped courtyards, grilling stations and a coworking hub with a podcast space. The pet-friendly property features a dog park, spa and washing station.
Convenient location
Diamond Flats is located 24 miles northwest of downtown Dallas and 12 miles from Dallas-Fort Worth International Airport. The site offers access to the Sam Rayburn Tollway and President George Bush Turnpike, connecting residents to key business and retail districts including Legacy West, The Star in Frisco and Grandscape. The property is a short driving distance from major employers including JPMorgan Chase, Toyota, Ericsson and Frito Lay. Recreation and entertainment options include multiple golf clubs and a country club within a 3-mile radius. Various dining and retail options, such as Victory Shops at Hebron, are about 2 miles away.
Dallas expansion
Since its founding in 1994, NRP has built more than 62,000 apartment homes and currently manages more than 30,000 units across the U.S. NRP entered the Dallas-Fort Worth metroplex in 2011 and opened a Dallas office in 2017. The firm has developed more than 7,000 affordable, mixed-income and market-rate units at more than 30 properties in the region.
In August, NRP broke ground on Jackson Road, a 370-unit luxury apartment community also in Carrollton. Construction on the four-story structure at 2255 N. Broadway St. is expected to be completed in 2026.
READ ALSO: Top Developments of Top Developers
NRP began development of Cora, a 340-unit mixed-income community in the Dallas suburb of Anna, Texas, in April. The firm partnered with the Anna Public Facility Corp. and will reserve 40 percent of the units for households earning 80 percent or less of the area median income. 10 percent of the apartments will be reserved for those earning 60 percent of AMI. The property, previously known as Meryl Street, will consist of 10 three-story residential buildings and a four-story structure. It is expected to be completed next year.
NRP noted it has also recently begun developments of several other multifamily properties in the region such as Sutton Flats, a 300-unit market-rate community in Howe, Texas, and The Whitley, an upscale 330-unit multifamily property in Princeton, Texas.
