The NRP Group Celebrates Opening of Nova Lofts With Support of 2022 Housing Bond

The new affordable community brings 65 apartments to San Antonio’s Northeast side

SAN ANTONIO--(BUSINESS WIRE)--The NRP Group, Community Housing Resource Partners (CHR), city officials, housing advocates, and community members gathered at the grand opening of Nova Lofts, a new development on the city’s Northeast side, marking a significant milestone in San Antonio’s need for affordable housing. This is The NRP Group’s second affordable community to receive the support of the COSA Neighborhood and Housing Services Department’s 2022 Affordable Housing Bond Program Bond. Three weeks after opening, Nova Lofts apartments were fully leased setting an impressive company record. takes the record as the fastest lease-up in the organization’s history, filling units within the first three weeks.

“We are proud to celebrate Nova Lofts and the impact that it’s making in this community. Nova Lofts apartments were leased just a few weeks after opening, demonstrating the vital need for high-quality, affordable housing in San Antonio. The development’s prime location and the featured art mural contribute to the unique cultural vibrancy of the city,” said Jason Arechiga, NRP Group Senior Vice President of Development. “We are thankful for the incredible collaboration across all stakeholders that resulted in this success.”

Located at 127 Rainbow Drive, Nova Lofts is nestled near Terrell Heights and Alamo Heights. The four-story complex serves residents earning 30-60% of the Area Median Income (AMI). The development offers 65 apartments with one to three-bedroom floor plans featuring nine-foot ceilings, washer and dryer connections, private balconies, and an exterior art mural. Amenities include a playground, fitness center, community clubhouse, on-site clothes care center, and more.

“Affordable housing isn’t just about providing a roof over someone’s head—it’s about ensuring every person has a foundation for success. Nova Lofts is a testament to what happens when we invest wisely, plan strategically, and prioritize people. This development will change lives for generations, and it is a proud reflection of San Antonio’s commitment to equity and progress,” said Mayor Ron Nirenberg.

“The grand opening of Nova Lofts underscores a fundamental truth—affordable housing is not just an issue for one district, but for all of San Antonio. By welcoming Nova Lofts into our community, we are ensuring that families, seniors, and working individuals have access to quality, stable housing. This is a significant step forward in our mission to create a city where everyone can thrive,” said Councilman Marc Whyte.

The $24 million development was made possible through innovative funding partnerships, including a $2.7 million allocation from the Bond and the State of Texas’ highly competitive 9% low-income housing federal tax credits, and funding from the U.S. Bank. Community Housing Resources (CHR), a nonprofit dedicated to providing critical resources to residents, serves as a partner for the project. CHR will provide a range of services that residents can benefit from.

“Community Housing Resource Partners is proud to collaborate with The NRP Group to create a supportive environment where residents can truly flourish,” said Meghan Cano, President and CEO, Community Housing Resource Partners. “By offering services like health screenings, ESL courses, and after school programs, we’re fostering a strong and resilient community, one where everyone has the opportunity to succeed.”

In collaboration with Andy Benavides, President of Benavides Studios and executive director of Supporting Multiple Arts Resources Together (S.M.A.R.T.), The NRP Group also commissioned of a 20-by-50-foot mural by San Antonio artists Ashleigh Valentine Garza and Cassidy Fitts. The art installation, a supernova-themed piece with a monarch butterfly, symbolizes resilience and community pride through vibrant colors and local imagery.

“Inspired by the breathtaking beauty of the San Antonio night sky and nature, our hope with this mural was to capture the soul of our unique and vibrant landscape,” said Andy Benavides, President of Benavides Studios and Executive Director of S.M.A.R.T.

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 62,000 apartment homes and currently manages over 30,000 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 has been consistently named a largest developer and builder in the U.S. on the NMHC “Top 50” lists, the Top 5 on the Multi-Housing News’ “Top Multifamily Developers” list, named a Top Affordable Housing Developer by Affordable Housing Finance, and has won three NAHB Pillar awards since 2020 for Development, Construction and Ones to Watch. 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 over 30 years of experience and expertise, NRP provides construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.

City of San Antonio - Vibrant & Thriving
San Antonio is a vibrant city with a thriving economy, deep cultural heritage and communities that are compassionate, inclusive and proudly diverse. It is the seventh largest city in the United States and one of the strongest fiscally managed cities in the country, nurturing entrepreneurship, encouraging investment and funding infrastructure. The City fosters partnership and growth opportunities in aerospace, bioscience, cybersecurity, green technologies, healthcare, and information technology. San Antonio’s famed Riverwalk and Alamo are the top tourist attractions in Texas, and its historic missions are a designated World Heritage Site – the first and only in Texas. Proudly called Military City, USA^®, San Antonio is home to one of the largest populations of active-duty military and veterans, as well as mission-critical commands, including military medicine, cybersecurity, pilot training and basic training. For more information, visit SanAntonio.gov and follow @COSAGov on social.