NRP Group Opens Central Texas Mixed-Income Community
J.P. Morgan provided equity investment for the project.
The NRP Group has opened Station42, a 368-unit mixed-income community in Killeen, Texas. The developer broke ground on the 22-acre garden-style property in early 2022. Texas Property Bank provided construction financing for the project, while J.P. Morgan provided equity investment.
Station42 comprises 16 three-story residential buildings, which incorporate one-, two- and three-bedroom floorplans ranging from 657 to 1,398 square feet. Half of the residences cater to households earning up to 80 percent of the area median income.
Common-area amenities include a clubhouse, coworking lounge, 24-hour fitness center, swimming pool, dog park and grilling deck. The property also has detached garages and EV charging stations.
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Located at 801 S. W. S. Young Drive, the community is off Highway 190, within walking distance of Killeen’s historic downtown. It’s about a mile from Killeen Mall and some 10 miles from the Killeen Regional Airport.
Affordable development headwinds
Killeen City Manager Kent Cagle stated in prepared remarks that Station42 aligns with the goals of the Killeen 2040 Comprehensive Plan which prioritizes rejuvenating the downtown area through development in the city’s north side neighborhoods.
In a recent interview, NRP Group Executive Vice President of Development Aaron Pechota told Multi-Housing News that economic headwinds such as high interest rates and construction price volatility have considerably reduced the number of affordable projects reaching the construction phase. Pechota added that in the current landscape, developers have grown more reliant on supplemental funding from state and federal sources.
