NRP Group Breaks Ground on 4 Affordable Projects
- Jul 17, 2020
Multifamily housing developer, builder and manager The NRP Group has launched the construction of four new affordable apartment communities in Texas. The developments are The Arcadian, The Scott at Medio Creek and Luna Flats, all in San Antonio, and Independence at Collin McKinney in McKinney, Texas, a Dallas suburb.
The NRP Group recently broke ground on a development in Wakefield, Mass., a Boston suburb.
Collectively, the communities represent a more than $175 million investment and promise a total 922 affordable apartments to municipalities facing a dearth of workforce housing.
“There never has been a bad time to build new high-quality affordable housing,” Jason Arechiga, senior vice president of development at The NRP Group, told Multi-Housing News. “There’s always been a shortage, and this has only been exacerbated by the pandemic. That being said, with low interest rates, eager partners, and stabilized construction costs, now was the time to act in a big way.”
Near job centers
The Arcadian is to be located at 4611 E. Loop 1604 North. It is a 324-unit apartment community placing residents 15 minutes from Joint Base San Antonio-Randolph, a U.S. Air Force Base and major job hub in San Antonio. Additionally, the community gives residents quick access to restaurants, shops, cultural attractions and other employment centers.
Located in Southwest San Antonio, The Scott at Medio Creek will feature an address at 9130 Excellence Drive adjacent to I-35 and Loop 410. The 324-unit community will be minutes from both Joint Base San Antonio-Lackland and the Port San Antonio innovation district and job center. The employment hub hosts technology, aerospace, cybersecurity, logistics and manufacturing employers.
Luna Flats, to be located at 510 Alametos St., will be built on the former site of a car lot. The 69-unit workforce housing development will be situated along a Midtown Regional Center corridor with many transit options. It will offer a variety of layouts in one- to three-bedroom units, and amenities that include a health and wellness center.
Independence at Collin McKinney is to be located at 2150 Collin McKinney Pkwy. in McKinney, a swiftly-growing Dallas suburb with excellent schools and job opportunities but a severe need for additional workforce housing. Situated just west of U.S. 75 and north of State Highway 121 at the corner of Test Drive, the development will feature 205 apartments.
“All developments are unique and (have) their own challenges, but dealing with occasional neighborhood resistance, economic uncertainty and working in a socially-distanced environment made these developments especially challenging,” Arechiga said.
“This of course is on top of regular hurdles, including credit/bond deadlines, permitting (and) zoning. I relied on our team and partners to come together and find solutions in such an unprecedented time. We depended on video conferencing to continue the face-to-face interactions that are so critical in getting these deals done. When the economy began to falter, our strong relationships with financial partners were key to getting to the closing table.”