CHARLOTTE, N.C.--(BUSINESS WIRE)--The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, in partnership with the City of Charlotte, today announced the opening of a 200-unit affordable housing community in Charlotte, North Carolina. The development provides high-quality, amenity-rich housing to residents earning between 30% and 60% of the Area Median Income (AMI). A limited number of workforce housing units are also reserved for residents earning up to 80% AMI.
“Residences at Cedar Creek demonstrates our unwavering commitment to delivering affordable housing developments that prioritize quality and convenience,” said Jason Mochizuki, Vice President of Development at The NRP Group. “With a robust amenities package tailored for working professionals and families in the area, this community will ensure residents enjoy a high standard of living. With its prime location along the I-77 corridor, residents will enjoy seamless connectivity to employment hubs, schools and essential services throughout Charlotte.”
Located at 7224 Forest Point Boulevard in the Southeast district, the development offers easy access to I-77 and is a 15-minute drive to Charlotte Douglas International Airport. The development is also located near ample retail and dining options, as well as pharmacies, schools and job centers.
“Residences at Cedar Creek represents a pivotal step forward in our mission to ensure every Charlotte resident has access to safe, affordable, and high-quality housing,” said Warren Wooten, Assistant Director of Affordable Housing at the City of Charlotte. “As our city continues to grow and attract new families and businesses, developments like this play a crucial role in addressing housing needs and fostering economic inclusivity.”
Residences at Cedar Creek consists of three four-story buildings designed to accommodate both working professionals and growing families. Each apartment boasts open-concept layouts complete with private patios/balconies, spacious walk-in closets and sleek modern cabinetry. The development offers one-to-four-bedroom floorplans to suit diverse needs and features best-in-class amenities such as a 24-hour fitness center and a conference center with a WiFi-enabled cyber café ideal for remote work. Additionally, family-friendly amenities include an onsite playground and covered picnic areas.
Bank of America and KeyBank provided financing for the project. The City of Charlotte invested $2.5 million in Housing Trust Fund gap financing in this development and the North Carolina Housing Finance Agency provided $22 million in 4% Low-Income Housing Tax Credits.
“Bank of America is pleased to help finance Residences at Cedar Creek, providing much-need affordable housing to families in Charlotte,” said Miles Cary, Senior Vice President of Community Development Banking at Bank of America. “Working with our partners at The NRP Group, we are helping build safe and strong communities that are retail- and commuter-friendly.”
“KeyBank is thrilled to have provided a permanent source of financing for the citizens of Mecklenburg County,” said Robbie Lynn, Senior Vice President at KeyBank. “ The partnership between Mid Atlantic, NRP, the county and city shows what can be achieved with strategic public-private partnerships accomplishing much-needed housing inventory and affordable home goals.”
The NRP Group has developed more than 4,000 units in North Carolina. Residences at Cedar Creek is the company’s eighth development in Charlotte, comprising over 2,000 units to date.
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 60,000 apartment homes and currently manages over 29,000 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.
