The NRP Group and equity partner World Premier Investments broke ground on The Exchange, an affordable 300-unit multifamily complex on Houston’s near north side. The development, situated in an Opportunity Zone, is part of Hardy Yards, a 43-acre master-planned community that will feature a music center, public parks, retail and grocery stores and restaurants, in addition to residences. The Exchange is also NRP’s first workforce housing development in Houston.

PGIM Real Estate Finance arranged a $48 million Freddie Mac unfunded forward commitment to provide permanent financing for the apartment project.

At least 50% of the units at 1250 Leona St. will be set aside for rent-and income-restricted families earning less than 80% of the Area Median Income (AMI). The Exchange will offer one, two and three-bedroom units, with amenities including a co-working style business center, fitness center, luxury pool bike storage, 24/7 package reception space and a dog park.

Pictured: Hardy Yards Entrance Sign

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