Developers Break Ground On Northeast Austin Apartment Complex

AUSTIN, TX — The NRP Group, a multifamily housing developer, and its partner, Willton Investment Group, have broken ground on Lucent, a 368-unit rental apartment community in Northeast Austin, company officials announced on Tuesday.

Lucent, which will comprise 16 three-story residential buildings with attached garages and a standalone clubhouse at 12201 Dessau Rd., is conveniently located within 2 miles of major employers including Dell, General Motors, Applied Materials, and Samsung’s semiconductor facility. Apple’s current office and future corporate campus is also within a 5-mile radius, developers noted.

Residents will have easy access to major thoroughfares including Parmer Lane, Braker Lane, the SH-130 toll road and Interstate 35, yielding easy access to downtown Austin and the airport.

“We always strive to locate our communities in high-growth job centers with easy access to transit, while also tailoring each community to meet local needs and tastes,” Alastair Jenkin, vice president of development at The NRP Group, said in a prepared statement. “One would be hard-pressed to find a more positive economic growth and jobs story than the Techridge submarket — and our community is right in the middle of it.”

Officials described the property as one consisting of a mix of luxurious one-, two- and three-bedroom apartment homes. Amenities will include a resort-style pool with a sun deck, fire pits, grills, big-screen TVs, a state-of-the-art fitness center, social and recreational gathering spaces, bike storage and repair space, a co-working and business center with Wi-Fi, 24/7 package reception services, and a substantial dog park.

Individual homes will feature plank flooring, electronic entry, in-unit washers and dryers, 9-foot ceilings, spacious walk-in closets, modern kitchens with quartz countertops, stainless steel appliances, and European-style cabinets, with balconies included in all units.

The NRP Group is developing Lucent with equity partner Willton Investment Group, a real estate-focused family office investment group, with construction financing provided by BMO Harris Bank.

“Our philosophy is to partner with exceptional partners that have a stellar track record, so we’re delighted to team up with The NRP Group, whose reputation in Texas and beyond is unquestioned,” Navish Chawla, Director of Acquisitions at Willton Investment Group said in a prepared statement. “East Austin has arrived as a red-hot hub for technology and creative jobs, with a growing population of professionals looking for best-in-class, highly amenitized, live-work-play housing options. Lucent will meet this demand.”

Construction is scheduled for completion in 2021.

About The NRP Group

The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing. Since the company’s founding in 1995, NRP has delivered more than 33,000 apartment homes, and currently manages over 17,000 residential units. The company utilizes the entire breadth of its in-house capabilities to fulfill its mission: creating exceptional rental housing opportunities for individuals and families, regardless of income.

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 provides 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, and senior housing. As a three-time recipient of the National Association of Builders Multifamily Development Firm of the Year and recognized Top 25 Developer by Multifamily Executive, NRP is leveraging its decades of practice by also providing construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.

About Willton Investment Group

Willton Investment Group is a New York City based real estate office focused on multifamily investment across the United States. The firm focuses on joint ventures with high caliber sponsors who have a proven track record for success. For media inquiries or to learn more about Willton Investment Group, please visit www.willtongroup.com.