With its First Development in the City, The NRP Group is Setting a New Standard for Affordable Senior Independent Living in Arlington
Arlington Mayor Jeff Williams recently joined civic officials and executives from The NRP Group on a mid-construction preview of The Elliott, a new 74-unit senior housing community in Arlington, Texas. As The NRP Group’s first development in Arlington, it is expected to set a new standard for affordable senior independent living in the area.
The Elliott, located at 7851 S. Collins Street., in Arlington, TX, is being developed by The NRP Group, a vertically-integrated, best-in-class developer, builder, and manager of multifamily housing in partnership with the Arlington Housing Finance Corporation. The three-story corridor building will feature a mix of one- and two-bedroom residences, with 119 parking spaces, 24 garage spaces and 36 carport spaces.
“I’m thrilled to be here today to get a first-hand look at this high-quality residential community that will be available to Arlington’s senior population,” said Mayor Williams. “We appreciate the willingness of a leading developer like The NRP Group to form a public-private partnership to create more affordable housing, something that individuals and families of all generations desperately need. We look forward to continuing our work with NRP to create greater housing solutions and expand the supply of quality affordable housing.”
The Elliott will have 4,400 square feet of indoor, senior-geared amenities including space to accommodate health and wellness activities, arts and crafts, movie nights, group games and dancing. Outdoor amenities will include a resort-style pool, bocce ball courts, a community garden and an outdoor trail system.
"The NRP Group has developed more than a dozen communities in the Dallas/Fort Worth metroplex and we are delighted to bring The Elliott to Arlington to address the city’s demand for affordable senior housing," said Jason Arechiga, vice president of development at The NRP Group. "Our mission is to create exceptional rental housing opportunities for individuals and families, regardless of income. We hope this serves as the gateway for more affordable housing for seniors and working families in Arlington.”
The partnership between AHFC and NRP is a result of the demand for access to affordable housing units for the aging population within the city. The Elliott is financed through 9% Tax Credits purchased by Hudson Housing Capital LLC providing $12.1 million in equity financing. Community Bank of Texas is providing $13.1 million in construction debt financing and $3.7 million in permanent debt financing.
“When the final nail is hammered in at The Elliott, our city’s senior citizens will have a high-quality, affordable housing option,” said AHFC President Lana Wolff. “Though there is still work to be done, it has been a truly rewarding experience working with The NRP Group and the wonderful people of Arlington.”
Construction is expected to be complete in 2019.
About The NRP Group
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in- class multifamily housing. Since its founding in 1994, NRP has delivered more than 33,000 apartment homes, and currently manages over 17,000 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.
