The NRP Group broke ground on the first phase of the 675-unit Anita Ferrales Coy school-to-housing redevelopment it is building in partnership with the Austin Independent School District, the Cleveland-based multifamily developer announced in a Feb. 27 press release shared with Multifamily Dive.
The 18-acre mixed-income project aims to help ease Austin's escalating housing affordability crisis by offering quality housing options for cost‑burdened residents and essential workers, particularly AISD teachers, bus drivers and other staff who will receive priority leasing through a Preferred Employer Program.
Rising housing costs have forced many Austin educators to live far from the students and campuses they serve, according to AISD Superintendent Matias Segura.
“Two‑thirds of AISD employees identify as cost‑burdened, and our district has seen the impact on our ability to attract and retain talent,” Segura said in the release. “The Anita Coy redevelopment represents a bold, unique solution that will bring stability and wellbeing to the entire district, and serves as a blueprint for how school districts can use their physical assets to invest in their teams and uplift neighboring communities moving forward.”
Apartment conversion projects have accelerated in the U.S. in recent years, according to RentCafe. School-to-apartment conversions were the fastest-growing type of reuse project in 2024, with a fourfold increase from 2023. Repurposing underutilized land through public‑private partnerships has long been part of NRP’s strategy for expanding housing supply in high‑demand markets, per the release.
The project will comprise two multistory buildings with one-, two- and three-bedroom residences designed for working professionals and growing families. Half of the units will be rent- and income‑restricted: 10% for households earning up to 60% of Area Median Income and 40% for households earning up to 80% AMI, with the remaining 50% offered at market rates.
AISD is leasing the land to the NRP Group under a long-term ground lease agreement, creating a sustainable revenue stream for the school district while facilitating the rent- and income-restricted units. It will sit in a federally designated Opportunity Zone, a federal program established by the Tax Cuts and Jobs Act of 2017 to encourage investment in historically underserved communities.
Each residence will feature quartz countertops, stainless steel appliances, modern cabinetry and high-end finishes. Amenities will include a resort-style pool, a coworking lounge, a fitness center, a parking garage and shared outdoor gathering spaces. The development will also offer a publicly accessible green space with heritage trees, walking paths, murals and installations contributed by local artists, per the release.
Financial partners for Phase 1 of the redevelopment include private equity capital from Clarion Partners and construction lending from the Urban Investment Group at Goldman Sachs Alternatives. Construction of the first phase with 341 units is now underway, with lease-up slated to begin in the fall of 2027. The second phase, with 334 units, will break ground later this year.
The NRP Group also recently broke ground on an upscale, 353-unit multifamily development within Medina Station, a 60‑acre master planned community in Mesa, Arizona, the multifamily developer said in a Feb. 26 press release shared with Multifamily Dive.
The four‑story development will be built on a 10‑acre parcel and will target families, working professionals and students in one of the fastest‑growing corridors in the Southeast Valley of the Phoenix metro area. This pocket of Mesa offers a unique development opportunity due to its strong demographics, beautiful surroundings and exceptional commercial offerings, Austin Kates, vice president of development at The NRP Group, said in the release.
“This community will provide high‑quality homes in a walkable environment surrounded by established retail, dining and employment hubs,” said Kates. “What sets this site apart is its suburban location paired with direct proximity to top retail offerings, enabling residents to access everyday conveniences without needing to get in their car.”
Designs for the project include a mix of studios and one-, two- and three-bedroom residences totaling more than 340,000 square feet. In addition to the main four-story building, six two-story carriage-style buildings will be located around the perimeter of the property, offering direct-access units as well as rentable garage space.
The architectural design draws on the master plan’s desert modern aesthetic and natural surroundings. Amenities will include a resident clubhouse lounge with coffee stations, a business center with coworking spaces, a fitness center and an outdoor pool area complete with a spa jacuzzi, cabanas and grill stations. There will also be a dog park, landscaped courtyards with fire pits, seating areas and a golf putting green, per the release.
Residences will include washer and dryer units, private balconies, stainless steel appliances, quartz countertops, walk-in closets and private yards in select units, as well as unobstructed views of the Superstition Mountains.
Project financing was provided by Origin Investments as the equity partner and debt capital from lender U.S. Bank. The new 353-unit community is expected to be complete in 2028.
The Phoenix metro area — one of the fastest-growing counties in the country — remains a priority market for the firm, according to the release. In December 2025, NRP also broke ground on Desert Sky, a 288-unit affordable housing community in West Phoenix.
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