With the addition of two new executives to oversee market-rate projects, Cleveland-based apartment owner, builder and developer The NRP Group has announced its expansion into two new Western markets — Phoenix and Las Vegas.
Austin Kates, who last worked at Scottsdale, Arizona-based apartment owner and developer The Wolff Company, will serve as vice president of development in Phoenix for NRP. Mike Moriarty, who last was at the Las Vegas-based owner and developer The Ardour Company, joins NRP as vice president of development in that city. The executives will initially oversee market-rate development in their home cities, but will eventually lay the groundwork to develop affordable and mixed-income communities.
Kates and Moriarty will report to NRP Executive Vice President of Development in Texas Chris O’Neill, who was hired last year to oversee the expansion of its pipeline in Western markets.
NRP, like many other developers, sees a lot of economic drivers in the Las Vegas and Phoenix metros. For instance, in Maricopa County, where Phoenix sits, companies like Intel, KORE Power, LG Energy Solutions, Mayo Clinic and Banner Health have made major employment announcements.
“In recent years, Phoenix and Las Vegas have experienced significant employment and population growth as well as the continued diversification of local economies — both great indicators of rising housing demand,” O'Neill told Multifamily Dive.
Although there is a lot of supply coming online in Phoenix and Las Vegas, O’Neill said the company thinks there is an opportunity to build Class A properties in select locations. “These are undoubtedly challenging times, but despite setbacks within the industry, NRP is always ‘open,’” he said.
O’Neill said the company has navigated challenging market conditions in the past, including during 2008 and 2009, to start new projects and should continue to in the future.
“Qualifying projects is becoming more difficult, but our team consistently utilizes investment strategies that leave NRP extremely well-positioned when cycles shift back,” O’Neill said.
The developer will also continue to look for new opportunities. “At NRP, we are very strategic when deciding to expand into new markets,” O’Neill said. “As of right now, our primary expansion focus is on growing our footprint in the Southwest.”
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