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CLEVELAND— The NRP Group, a vertically-integrated, best-in-class developer, builder, and manager of multifamily housing, today announced it expects to break ground on 28 new projects in 2020, totaling 6,559 units of market-rate, workforce and affordable housing, at a project cost of $1.54 billion. This projected 2020 pipeline represents a 50 percent year-over-year increase on a basis of total unit starts.
“While 2020 promises to be a landmark year for The NRP Group, 2019 was one of the most incredible years ever for the company and it wouldn’t have been possible without our passionate A+ players,” said J. David Heller, Co-Founder and Chief Executive Officer at The NRP Group. “In addition to everything we were able to accomplish last year, we also pulled together an amazing 25th anniversary celebration in San Antonio, Texas. I can’t wait to see what the next 25 years will bring, and I want to say thank you to everyone in our organization and to all of our valued partners.”
In 2019, the company broke ground on 17 NRP projects totaling 4,240 units. Of those, eight were market-rate, four workforce housing, and five affordable. The NRP Group’s construction division, which builds for NRP as well as other clients, crossed an important milestone by starting over 5,000 units for the first time in 2019.
The company’s property management division is currently managing over 20,000 units and continues to opportunistically add third-party clients that have a similar product profile.
The NRP Group also enjoyed strong back-end activity in 2019, with the recapitalization of the 364-unit Edge 1909 in Pittsburgh, Pennsylvania; the closing of a second 442-unit phase of the same project in Pittsburgh; the contract sale of the 366-unit Avanti in St. Petersburg, Florida, to a limited partner; a recapitalization of a 271-unit moderate-income property called The Baldwin in San Antonio; and the sale of another moderate income 306-unit community, The Upton in San Antonio.
The company finished the decade with several other firsts, including the creation of the NRP Women’s Inclusion Network (WIN), a group that brings together women at NRP for professional development lecture series, provides mentorship opportunities, and furthers the cause of diversity in the workplace.
Another exciting first was the creation of a property management center of excellence at Cleveland State University’s Monte Ahuja College of Business, resulting from a $1.2 million joint gift from The NRP Group and The Millennia Companies. The center will house academic programs in property management and real estate, with the goal of producing the future workforce and leaders of multifamily residential real estate.
Finally, The NRP Group partnered with many new equity providers, lenders, and municipalities in 2019, including PGIM (Prudential), AIG, State Street Global Advisors, on the equity side, and Regions Bank, Bank of Montreal, Capital One, and Mutual of Omaha on the debt side. The company partnered with City of Houston Housing Authority for the first time.
“Growth is wonderful and it requires a strong focus on execution,” said Andrew Tanner, Executive Vice President and Chief Financial Officer at The NRP Group. “We believe we have done a solid job ensuring our people feel supported with the systems, tools and resources they need to excel. We look forward to a great 2020.”
About The NRP Group
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing. Since the company’s founding in 1994, NRP has delivered more than 35,000 apartment homes, and currently manages over 19,000 residential units. The company utilizes the entire breadth of its in-house capabilities to fulfill its mission: creating exceptional rental housing opportunities for individuals and families, regardless of income.
Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company’s formidable size and depth of talent provides the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market- rate, affordable, and senior housing. As a three-time recipient of the National Association of Builders Multifamily Development Firm of the Year and recognized Top 25 Developer by Multifamily Executive, NRP is leveraging its decades of practice by also providing construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.