WASHINGTON--(BUSINESS WIRE)--The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, in partnership with Marshall Heights Community Development Organization, Inc. (MHCDO), has closed on construction financing for Emblem, a 115-unit, entirely affordable housing community in the middle of the thriving NoMa and Union Market neighborhoods. The community will be entirely reserved for families and individuals earning up to 30% and 50% of the Area Median Income (AMI).
“Breaking ground on Emblem is a resounding win for affordable housing in Washington D.C.,” said Chris Marshall, Vice President of Development at The NRP Group. “Together with our dedicated partners, NRP and MHCDO have set the standard for bringing deeply affordable housing to a high-profile, high-opportunity neighborhood. Emblem has been designed to provide housing for the District’s working professionals, particularly service and hospitality professionals who might otherwise endure long commutes from home to work. This community will enable them to live closer to work as well as the area’s many walkable amenities, while also fostering a spirit of inclusivity within the neighborhood.”
Located at 301 Florida Avenue NE, Emblem will be built on a triangular 2/10-acre site in the heart of the District and just over one mile from the U.S. Capitol Building. Future residents will be within walking distance of the city’s Metro system and two high-frequency bus lines, allowing easy access to employment, education and recreation opportunities.
The 13-story, flatiron apartment building is immediately adjacent to the Union Market District, home to renowned dining, trendsetting boutiques and dynamic nightlife. The building is also within walking distance of several grocery stores, high-performing schools and the Metropolitan Branch Trail serving commuters and recreation-seekers alike.
“Emblem represents Washington D.C.'s efforts to address the long-standing need for affordable housing and ensure its equitable distribution across all Wards,” said Babatunde Oloyede, president and CEO of Marshall Heights Community Development Organization. “This new community will both enhance the neighborhood’s dynamic atmosphere and provide much-needed affordable housing. MHCDO has served under-resourced neighborhoods in D.C. for over 45 years and is honored to collaborate with The NRP Group on this project, setting a precedent for quality affordable housing in high-opportunity neighborhoods."
“Mayor Bowser has charged all of us across the public and private sectors to work together to create affordable housing throughout DC, especially in high-opportunity neighborhoods,” said Deputy Mayor Albert. “Emblem is an exciting new project that will welcome residents to this growing and vibrant area of our city.”
"It can take a variety of financial resources layered upon one another to create new affordable housing units,” said Colleen Green, Director of the DC Department of Housing and Community Development. “In the end, it’s worth it when projects like Emblem produce new affordable rental units for District residents with nearby amenities that can aid in their quality of life. One of our goals when investing in an affordable housing project is to ensure that District residents can stay in the city.”
“Emblem represents the 21st project in the DC Housing Finance Agency’s risk share portfolio and the first transaction that we have completed with The NRP Group and NRP’s first affordable housing deal in the District,” said Christopher E. Donald, Executive Director, and CEO of the DC Housing Finance Agency. “We are excited to work with them on the continued transformation of the NoMa neighborhood. The project will add deeply affordable units to a rapidly growing and changing neighborhood to ensure that economic and social diversity can continue to exist.”
A variety of on-site amenities will be available to Emblem residents, including a dedicated toddler playroom, an oversized bike storage room, and a multi-purpose community room. The community center will serve as a hub for resident services and events, fostering a sense of community and providing a space for gatherings, workshops and other activities that promote resident engagement and well-being. Resident service workshops will include targeted financial service training as well as entrepreneurship and economic mobility programming for individuals striving for self-sufficiency, ensuring they have the tools and support necessary to thrive.
Emblem's financial partners include DC Housing Finance Agency (DCHFA), Department of Housing and Community Development (DHCD), DC Housing Authority (DCHA), DC Green Bank, and Bank of America. The development team is grateful for the timely and responsible reviews from DC Water, the DC Department of Buildings, and the District Department of Transportation to ensure that this project started construction within the necessary timeline.
Construction will begin in 2024, and Emblem is expected to be completed in 2026.
About The NRP Group
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing with a mission to create exceptional rental housing communities for individuals and families, regardless of income. Since its founding in 1994, NRP has developed more than 50,000 apartment homes and currently manages over 25,000 residential units.
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 provide 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, mixed-income, and senior housing.
The NRP Group is consistently ranked in the Top 10 largest developers and builders in the U.S. by the National Multifamily Housing Council and by Affordable Housing Finance. The NRP Group is a winner of the National Association of Home Builders Multifamily Pillars of the Industry award for “Builder of the Year,” and a four-time recipient of the same award for “Development Firm of the Year.” The NRP Group has become the top multifamily developer in the U.S. that creates both affordable and market-rate housing at a national scale. Based on its nearly 30 years of experience and expertise, NRP now provides construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.
About Marshall Heights Community Development
The Marshall Heights Community Development Organization, Inc. (MHCDO) is a non-profit organization dedicated to community development in Ward 7 of Washington, DC, since 1979. MHCDO aims to increase affordable housing, expand economic opportunities, and improve the quality of life for individuals and families. For over 45 years, MHCDO has emphasized self-sufficiency, launching numerous initiatives to empower District residents.
MHCDO employs an integrated approach to community building, leveraging public and private resources for housing and economic development projects. The organization provides employment, education, emergency, and other services to enhance self-sufficiency and residents' quality of life. MHCDO partners with private sector investors, government agencies, foundations, and small organizations, supported by an experienced staff, skilled consultants, and a broad community-based board of directors. Its success is rooted in community governance, collaborations, and a holistic approach to economic development.
