The NRP Group has announced the financial closing and plans to begin construction on North & Valley, a 105-unit affordable housing project in North Las Vegas, US.
Situated at the south-west corner of Pecos and Rome in Clark County, the development is next to a 135-acre site designated as a medical office campus and job centre by the City of Las Vegas.
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It is intended for residents earning between 50% and 60% of the area median income.
The project spans five acres and will include two four-storey buildings comprising a combination of one-, two-, and three-bedroom units.
NRP Group development vice-president Mike Moriarty said: “Las Vegas is one of the fastest-growing regions in the country, yet housing supply hasn’t kept up with demand, especially for working families.
“This project marks NRP’s first affordable housing development in Las Vegas, and we’re proud to bring our 30 years of experience creating high-quality communities to the region.
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By GlobalData“As Las Vegas continues to experience explosive population growth and a deepening housing crisis, we’re committed to being part of the long-term solution.”
North & Valley is located at 6555 N. Pecos Road and is near Southern Nevada RTC’s Downtown & Veterans Medical Centre Express.
According to the company, the development will include a rooftop terrace lounge, a swimming pool, and an outdoor playground.
Residences at North & Valley will include stainless steel appliances, cabinetry, quartz countertops, wood-style flooring, and washer and dryer connections.
The NRP Group is considering resident services at the development, including a potential partnership with the nearby VA Hospital to support veterans.
It has recently started construction on Miraluna, a 342-unit apartment community near the Southern Highlands community, developed with partner Rockefeller Group.
By the end of the year, the company expects to have begun nearly 1,200 units across four developments in Las Vegas.
North & Valley’s financing involves tax credit equity from US Bank and Deutsche Bank’s construction-to-permanent loan.
Additional funding comes from the Nevada Housing Division’s Growing Affordable Housing Program, City of North Las Vegas HOME funds, and Clark County HOME and CHF funds.
The Pecos ground-breaking is set for this month, and the project is expected to be completed by April 2027.
