NRP Group has plans for a mixed-income housing complex in the Mountain Creek area of Dallas.
The Dallas-based developer plans 324 apartments at 4868 South Merrifield Road. That’s south of Interstate 30 and west of Loop 12, near Dallas Baptist University and T.D. Jakes’ the Potter’s House.
The project, Ascent at Mountain Creek, would consist of 14 three-story buildings with one-, two- and three-bedroom apartments, according to a media release.
The cost of the project and breakdown on the number of affordable units have not been disclosed.
The City of Dallas plans a ceremonial groundbreaking with NRP and the Dallas Public Facility Corporation. The Dallas PFC is a nonprofit player in Dallas’ new approach to affordable housing, which emphasizes public/private partnership and its president is Keith Pomykal of Dynamic Commercial Real Estate.
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The property is on 30 acres that NRP bought as part of Courtland Group’s recent sale of 460 acres in the Mountain Creek area.
NRP was founded in 1994 and has developed more than 50,000 apartment units nationwide, according to its website. It also manages multiple apartment complexes in the Dallas area.
Dallas/Fort Worth had the No. 1 commercial real estate market in the nation with $42.5 billion in sales last year. And apartment sales accounted for more than half of the metroplex’s 2022 property investment volume. The region had the largest dollar volume of apartment sales of any U.S. market, according to data from MSCI Inc.
Elsewhere in Dallas County, at least 2,000 new affordable apartments are expected to come online across eight properties by 2026, courtesy of Dallas County.
And in August, Sphinx Development Corporation received $34 million in financing from CitiBank to build 204 affordable apartments a few miles from downtown Dallas. The Fiji Lofts are part of Sphinx’s master plan on South Corinth near East 11th Street in east Oak Cliff.
— Rachel Stone