NRP Group Plans Record Multifamily Starts for 2022, Breaking Ground on 6,000+ Apartments
Multifamily housing specialist The NRP Group plans to break ground on more than 6,000 apartment homes in 2022, exceeding all previous NRP records of multifamily construction starts in its 28-year history. The Cleveland-based developer will begin construction on 23 new affordable, market rate and mixed-income communities this year representing a total of $1.9 billion in real estate investment. Additionally, the firm’s rapidly growing third-party construction business anticipates adding an additional 2,500 starts.
“Starting with a firm foundation in our rigorous NRP underwriting process, which is meticulously refreshed as inputs change on the ground, and our creative approach to problem solving, we remain focused on achieving our aggressive goals for 2022 in spite of the macroeconomic headwinds,” said J. David Heller, President and Chief Executive Officer of The NRP Group.
Mr. Heller went on to say, “Several factors come into play: our national buying power, extensive long-term planning across business functions, creative approach to filling in capital stacks, the maturation of new NRP markets, the resilience of our A+ Players, and the strength of our time-tested public and private partnerships have all enabled us to overcome even the most challenging business cycles, and we are applying the same principles in today’s very difficult environment.”
- ◦Development