NRP Group, H.I.G. Break Ground on Dallas-Area Project

First apartments at Diamond Flats will be delivered in 2025. Image courtesy of The NRP Group and H.I.G. Realty Partners

A joint venture between The NRP Group and H.I.G. Realty Partners has broken ground on Diamond Flats, a 331-unit community in Carrollton, Texas, a suburb of Dallas. Santander Bank has provided a $53.7 million construction loan, public records show. The project will cost $69 million or $208,000 per unit, according to The Real Deal.

Upon completion, the community will consist of a four-story building with one-, two- and three-bedroom floorplans averaging approximately 950 square feet. First units will be delivered in 2025. Common-area amenities are set to include a fitness center, swimming pool and game room, as well as a coworking area.

Located at 1402 Carrollton Parkway, the 6-acre site is 24 miles northwest of downtown Dallas and 12 miles from DFW International Airport. Entertainment options include multiple golf clubs and a country club within a 3-mile radius. A host of dining and retail options, such as Victory Shops at Hebron, are roughly 2 miles away.

Since its founding in 1994, NRP has developed more than 50,000 apartments across the U.S. In April, the firm broke ground on a 401-unit multifamily community in Jersey City, N.J., in partnership with G&S Investors; total development costs were estimated at $129 million.