AUSTIN, Texas--(BUSINESS WIRE)--Aug 13, 2024--
The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, in partnership with PointOne Holdings and the Travis County Facilities Corporation (TCFC), today announced the groundbreaking of a 328-unit mixed-income multifamily development in Austin, Texas. Half of the units will be reserved for residents earning between 60 to 80 percent of the Area Median Income (AMI).
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“This development is a testament to our commitment to create inclusive housing communities where residents of all income levels can thrive,” said Max Whipple, Vice President of Development at The NRP Group. “As we celebrate our 30th anniversary and the delivery of our 30,000th housing unit in Texas, East Austin’s Ross Road development will provide the local workforce with the opportunity to affordably live in the vibrant community where they work.”
Ross Road meets the neighborhood’s growing demand for quality, accessible housing for essential workers, young professionals and growing families. It features an assortment of one-, and two-bedroom apartments with high-end finishes. With close proximity to Highway 71 and the 130 tollway, Ross Road provides quick access to employment hubs in East Austin and a 20-minute drive to the city’s downtown.
“We are thrilled to partner with The NRP Group on this project to provide much-needed housing in East Austin,” said Ben Colonomos, Principal of PointOne Holdings. “This development will significantly enhance the rapidly expanding neighborhood, providing residents with a best-in-market living experience and a wide range of community-focused and thoughtfully designed amenities.
Designed by architecture firm Lord Aeck Sargent, Ross Road is a 4-story development with a unique covered parking structure to maximize outdoor space. Half of the 16.5-acre site will be dedicated to greenspace and outdoor amenities, including a primary courtyard with a resort-style pool, cabanas and outdoor games like ping pong and corn hole. Additionally, there are two landscaped courtyards and a dog park overlooking the greenbelt to the East.
For remote workers and students, the development offers coworking spaces with multiple meeting and conference rooms. The community also includes a double-height lobby and state-of-the-art fitness center, and a community chef’s kitchen for social gatherings.
“This development aligns perfectly with our mission to support the development of high-quality housing in Travis County,” said Patrick Howard, Executive Director of TCFC. “We are proud to be part of an initiative that delivers accessible housing to the region’s growing workforce.”
Austin remains a priority market for The NRP Group. Two recently delivered mixed-income communities in the area include The Markson, with 330 units, and Station42 with 368 units.
Construction of Ross Road is already underway. The community is expected to deliver in 2026.
About The NRP Group
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing with a mission to create exceptional rental housing communities for individuals and families, regardless of income. Since its founding in 1994, NRP has developed more than 50,000 apartment homes and currently manages over 25,000 residential units.
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 provide 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, mixed-income, and senior housing.
The NRP Group is consistently ranked in the Top 10 largest developers and builders in the U.S. by the National Multifamily Housing Council and by Affordable Housing Finance. The NRP Group is a winner of the National Association of Home Builders Multifamily Pillars of the Industry award for “Builder of the Year,” and a four-time recipient of the same award for “Development Firm of the Year.” The NRP Group has become the top multifamily developer in the U.S. that creates both affordable and market-rate housing at a national scale. Based on its nearly 30 years of experience and expertise, NRP now provides construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.
About PointOne Holdings
POINTONE HOLDINGS is a real estate investment firm headquartered in South Florida and Atlanta with properties located throughout the Southeastern United States and Texas. The firm has acquired, developed and managed a diversified portfolio of residential and commercial assets valued at $2 billion. PointOne Holdings’ core principles are founded on precise investment selection, thorough due diligence, creative deal structuring, strong financial management and proactive and responsive communication. For more information visit www.pointoneholdings.com.
About Travis County Facilities Corporation
The Travis County Facilities Corporation (TCFC) is a non-profit organization established in January 2001, authorized by the Texas Local Government Code Chapter 303. The corporation works in conjunction with the Housing Authority of Travis County to provide public facilities in an orderly, planned manner and at the lowest possible borrowing costs. TCFC has focused on affordable housing and provides for the acquisition, construction, rehabilitation, renovation, repair, equipping, furnishing, and placement of affordable housing.
Photo Credit: The NRP Group
