The NRP Group and equity partner Willton Investment Group have broken ground on two apartment communities totaling more than 500 units in growing submarkets of Austin, Texas and Largo, Md.
Lucent, a 368-unit rental development, is located at 12201 Dessau Road in the technology hub of Northeast Austin. Construction is scheduled to wrap up in 2021. The property will consist of 16 three-story residential buildings with attached garages and a standalone clubhouse and will offer upscale one-, two- and three-bedroom apartments. Each unit will feature electronic entry, 9-foot ceilings and balconies.
Amenities will include a pool with sun deck, modern fitness center, coworking and business center, social gathering spaces, 24/7 package reception and a large dog park. The project is located near the Tech Ridge Center retail complex and within 2 miles of major employers including Dell, General Motors and Samsung. Apple also has an office within 5 miles and plans to build a $1 billion corporate campus in the area, which will initially employ 5,000 people.
BMO Harris Bank is providing construction financing for Lucent, which marks NRP’s sixth market-rate multifamily project in the Austin metro area.
Maryland community underway
On the East Coast, NRP and Willton are betting on the Washington, D.C. suburb of Largo, where they have started construction of The Everly, a 260-unit rental apartment community. The project occupies a site at 100 Capital Court, at the southwest corner of Central Avenue and Harry S. Truman Drive.
Upon completion, which is expected in 2021, the property will bring a mix of one-, two- and three-bedroom apartments across two L-shaped buildings and one U-shaped building. The community will also feature a pool, fitness center, and other amenities. Construction financing is provided by Fifth Third Bank.
The project is situated about 4 miles east of the nation’s capital and minutes away from interstates 95 and 495. It is within walking distance of the Largo Town Center station on the Blue and Silver Lines of the Metro, as well as the upcoming Prince George County’s University of Maryland Capital Region Medical Center. Slated to open its first phase in 2021, the teaching hospital is anticipated to create nearly 5,000 new jobs.
Adjacent to the medical center project, RPAI (Retail Properties of America) is redeveloping an open-air shopping center into a mixed-use retail and commercial destination. The first phase is currently underway.