CLEVELAND, OH - The NRP Group, the vertically-integrated, best-in-class developer, builder and manager of multifamily housing, announced it broke ground on 21 new projects in 2020, comprised of 4,865 units of market-rate, moderate income and affordable housing, with over $1.3 billion in third-party capital deployed. These numbers represent record levels for the firm, both in terms of total production and individual project scope.
"The NRP Group successfully navigated the challenges presented by the coronavirus pandemic and strategically overcame market disruptions to continue our mission of delivering exceptional rental communities to individuals and families, regardless of income," said J. David Heller, CEO of The NRP Group. "Our strong culture, shared core values and consistent history of overcoming great challenges has helped our A+ players rally together to keep each other safe while achieving record performance in a very difficult environment. I cannot overstate how proud I am of our team."
The 21 developments that broke ground in 2020 were in the states of Massachusetts, New York, Pennsylvania, Maryland, Virginia, North Carolina, Florida, as well as in Ohio, Indiana, and Texas. They included both the highest cost market-rate development NRP has done - The Rylan in McLean, Virginia - as well as the highest cost affordable development - The Renaissance at Lincoln Park in New Rochelle, New York.
"Keeping all of these projects moving forward during the pandemic has taken grit and creativity, but it is also a testament to the strength of the relationships and goodwill we have developed with our public and private partners and investors," said George Currall, Principal and Managing Director of Capital Markets at The NRP Group. "We built these relationships by consistently delivering on our commitments and we are thankful for the trust our partners and stakeholders have shown in us through a difficult time."
Over half of the projects in 2020 were affordable housing developments -- 12 of 21 or 57% – which will provide housing for residents earning less than 60 percent of area median income. This is significant since the pandemic has put additional pressure on an already existing shortage of affordable housing throughout the U.S. The 2020 NRP project list was rounded out with 3 moderate income housing communities and 6 market-rate communities.
In addition to its record number of groundbreakings, The NRP Group opened 10 communities in 2020, totaling 2,600 units located in six states including Texas, Florida, Massachusetts, Ohio, North Carolina, and Maryland. The openings included 3 affordable housing communities, 1 moderate-income housing community, and 6 market-rate apartment communities.