CLEVELAND, OH – NRP Group, the vertically integrated, world-class developer, contractor and manager of apartment buildings, announced that it has launched 21 new projects in 2020 consisting of 4,865 market-driven, moderate and moderate units of affordable housing with debt capital of over $ 1.3 billion. These numbers represent record levels for the company, both in terms of total production and the scope of each project.
"The NRP Group has successfully mastered the challenges of the coronavirus pandemic and strategically overcome market disruptions in order to continue our mission of providing 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 have helped our A + players protect each other while achieving record performance in a very difficult environment. I can't exaggerate how proud I am of ours Team am. "
The 21 developments that laid the foundation stone in 2020 were in the states of Massachusetts, New York, Pennsylvania, Maryland, Virginia, North Carolina, Florida as well as Ohio, Indiana and Texas. They included both the most costly market development NRP has undertaken – The Rylan in McLean, Virginia – and the lowest cost affordable development – The Renaissance in Lincoln Park in New Rochelle, New York.
"It took a lot of energy and creativity to move all of these projects forward during the pandemic, but it is also testament to the strength of the relationships and goodwill we have built 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 grateful for the trust our partners and stakeholders have placed in us during a difficult time."
Over half of the projects in 2020 were affordable housing developments – 12 out of 21, or 57% – that provide housing for residents who earn less than 60 percent of the area's median income. This is important in that the pandemic has put additional pressure on a pre-existing shortage of affordable housing in the US. The NRP project list for 2020 was rounded off with 3 residential communities with middle income and 6 market-oriented communities.
In addition to their record number of groundbreaking operations, the NRP Group opened 10 churches in 2020 with a total of 2,600 units in six states including Texas, Florida, Massachusetts, Ohio, North Carolina and Maryland. The openings comprised 3 affordable shared apartments, 1 middle-income shared flat and 6 standard shared flats.
