THE NRP GROUP ACQUIRES LAND FOR HOUSING DEVELOPMENT

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PHOENIX — Cleveland-based The NRP Group has purchased approximately 5.27 acres of land at the corner of 21st Street and Broadway Road in Phoenix for $1.37 million. The company plans to develop a 68-unit affordable housing project on the site. Construction is slated to begin in 2009 with completion scheduled for first quarter 2010. Chaz Smith, John Finnegan and Ramey Peru of Colliers International represented the buyer; Cam Stanton of CB Richard Ellis represented the seller, Chicago-based DeMuro Enterprises Inc., in the transaction.

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