NRP Group to Launch 28 Multifamily Projects, Half Affordable, In 2020
(January 16, 2020) The NRP Group plans to break ground on 28 multifamily projects in 2020, bringing 6,559 units to market at a project cost of $1.5B. The asset mix includes four workforce/moderate income projects, 10 market-rate projects and 14 affordable housing projects.
The new properties will be in Texas, Massachusetts, Ohio, New York, Indiana, Maryland, Virginia, Pennsylvania, North Carolina, Florida, Georgia and New Jersey. NRP Group’s projected 2020 pipeline is a major step up from the 17 projects it began nationally in 2019.
The asset mix for those projects was four workforce projects, five affordable housing projects and eight market-rate projects. The 6,559 units NRP aims to build in 2020 represents a 50% year-over-year increase of starts, and an increase of nearly 100% from 2018, when NRP Group broke ground on 3,318 units. The company said it has built more than 35,000 multifamily units since it was founded in 1994. Read more at bisnow.com.