NRP Group, Willton begin construction on apartment communities in US

WCN Editorial Team 4 Nov 2019 NORTH AMERICA BUILDINGS

A joint venture of multifamily housing developer The NRP Group and real estate focused family office investment firm Willton Investment Group has broken ground on upscale apartment communities in Austin, Texas, and Largo, Maryland.

The partnership is developing Lucent at 12201 Dessau Road in Austin, which will comprise 368 apartments across 16 three-storey residential buildings with attached garages and a standalone clubhouse.

Lucent is located within two miles of major employers, including Dell, General Motors, Applied Materials and Samsung’s semiconductor facility, while Apple’s current office and future corporate campus is also within a five-mile radius.

The partnership is also developing The Everly, an upscale apartment community, at 100 Capital Court in Largo, which will comprise 260 apartments within two L-shaped buildings and one U-shaped building.

The community will be located within walking distance of the Largo Town Center Metro station, Prince George County’s University of Maryland Capital Region Medical Center, and The Carillon, a mixed-use retail and commercial development.

Construction on both communities is scheduled for completion in 2021.

The NRP Group principal and capital markets managing director George Currall said: “We are thrilled to partner with Willton Group, an investor that shares our commitment to forging long-term relationships and delivering best-in-class product quality.”

The NRP Group said that both communities will feature a mix of luxurious one-, two- and three-bedroom apartment homes.

Amenities will comprise resort-style pools with sun decks, fire pits, grills, big-screen TVs, modern fitness centres, social and recreational gathering spaces, bike storage and repair spaces, and 24/7 package reception services.

Willton Investment Group acquisitions director Navish Chawla said: “Our business philosophy is to enter joint ventures with high-caliber sponsors who have a proven track record, so we are thrilled to partner with The NRP Group, which fits this mold exactly.

“Both submarkets have strong demand for best-in-class, highly amenitized, live-work-play housing options, and we’re prepared to fill the need.”

BMO Harris Bank provided finance for the construction of Lucent, while Fifth Third Bank provided funding for The Everly.

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Image: The NRP Group and Willton have broken ground on multifamily developments in Texas and Maryland. Photo: courtesy of Raul Petri on Unsplash.

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