NRP Group Opens Charlotte Affordable Community

Units are reserved primarily for residents earning between 30 and 60 percent of AMI.

The NRP Group has added to its growing affordable housing portfolio in North Carolina with the grand opening of Residences at Cedar Creek, a 200-unit mixed-income community in Charlotte. This marks the company’s eighth development in Charlotte and fourth affordable property in the area.

In partnership with the City of Charlotte, the community offers housing to residents earning between 30 and 60 percent of the Area Median Income. There are a limited number of workforce housing units reserved for residents earning up to 80 percent AMI. Homes range from one- to four-bedrooms.

“Residences at Cedar Creek underscores our commitment to addressing Charlotte’s need for high-quality, affordable housing,” Jason Mochizuki, vice president of development at The NRP Group, told Multi-Housing News.

Key Bank and Bank of America financed the project, which also received $2.5 million from The City of Charlotte in Housing Trust Fund gap financing. The North Carolina Housing Finance Agency provided $22 million in 4 percent Low-Income Housing Tax Credits.

“This community is designed to provide working professionals and families with not just a place to live, but a foundation to thrive in one of the region’s most dynamic cities,” Mochizuki noted. “With its robust amenities package and prime location along the I-77 corridor, residents will benefit from reliable connectivity to employment hubs, schools and essential services throughout Charlotte.”

The property, located at 7224 Forest Point Blvd. in the Southeast district, is also near retail and dining options and pharmacies. Charlotte Douglas International Airport is a 15-minute drive away.

Community-wide amenities at Residences at Cedar Creek include a conference center, 24-hour fitness center, cybercafé, covered picnic areas and an on-site playground. In-unit amenities include open-concept layouts, private patios/balconies, walk-in closets and modern cabinetry.

NRP Group nationwide

The NRP Group firm has developed more than 4,000 units in North Carolina. The company owns or manages 89,000 units nationwide.

In November, The NRP Group, together with Capital Area Housing Finance Corp., opened a 330-unit affordable community in San Marcos, Texas, called Centro35. It is reserved for residents earning up to 60 percent of the AMI.

Centro35 has unit layouts varying from one- to four-bedroom floorplans. Shared amenities at the pet-friendly property include a swimming pool, fitness center, children’s activity room, game room and a conference center with individual work pods for remote work.

This completion followed NRP’s most recent addition in Austin, Texas—the 318-unit Bridge at Estancia. The newly completed community is part of the 600-acre mixed-use Estancia Hill Country master plan, which could potentially include retail, office and other residential developments. The fully affordable community features one- to four-bedroom layouts.