NRP Group Opens $40M Affordable Community in Columbus
The company has developed the 180-unit project in a partnership with the Columbus Metropolitan Housing Authority.
The NRP Group, the Columbus Metropolitan Housing Authority, Mayor Andrew Ginther and state/local officials at the grand opening of The Sinclair Apartment Homes. Image courtesy of The NRP Group
The NRP Group has opened The Sinclair Apartment Homes, a 180-unit fully affordable housing community in Columbus, Ohio.
The public-private partnership between The NRP Group and the Columbus Metropolitan Housing Authority broke ground on the $40 million development in November 2021. The property serves residents earning between 30 and 80 percent of the area median income.
The community was developed in collaboration with the City of Columbus Housing Division, with tax-credit funding support from the Ohio Housing Finance Agency and Huntington National Bank. CMHA issued $27.7 million in tax-exempt and taxable bonds and a $4.3 million construction loan, according to Yardi Matrix data. OHFA provided $2.5 million in construction financing, the same source shows.
The Sinclair Apartment Homes encompasses three buildings with one-, two- and three- and four-bedroom floorplans ranging between 659 and 1,223 square feet. Common-area amenities include a fitness center, a business center, a clubhouse, a playground, laundry facilities and outdoor gathering spaces. Units feature washer and dryer connections, kitchen appliances, walk-in closets and private balconies or patios.
Built on the former 4.4-acre site of Alrosa Villa, the property is subject to a 75-year unsubordinated net ground lease held by Columbus Metropolitan Housing Authority. The developers are also planning to improve the streetscape on Sinclair Ave., starting with the installation of sidewalks.
The transit-oriented development is located at 5075 Sinclair Ave., in the Worthington submarket. Sinclair Apartments is close to Interstate 70, which provides easy access across the Columbus metropolitan area. The community is within walking distance of an active bus line and several dining options and retail centers.
Collaborations between public and private sectors
In a recent interview with Multi-Housing News, the NRP Group’s Executive Vice President of Development Aaron Pechota provided insights about the worsening shortage of affordable housing in the U.S. and the importance of stronger collaborations between public and private sectors.
In a partnership with co-developer G&S Investors, NRP recently broke ground on a $129 million multifamily community development in the Port Liberté neighborhood of Jersey City. In May, the company opened a 51-unit fully affordable housing community in Irvington, N.J. The property came online through a partnership between NRP and Adenah Bayoh, a Black female real estate developer and entrepreneur.
