AUSTIN, TEXAS — The NRP Group, a Cleveland-based multifamily owner-operator, has broken ground on Sanara, a 348-unit affordable housing project in South Austin. Developed in partnership with the Housing Authority of Travis County, Sanara will consist of 13 three-story residential buildings across a 56-acre site. Units will come in one-, two- and three-bedroom floor plans and will be rent restricted to renters earning 60 percent or less of the area median income. Amenities will include a fitness center, business center with coworking space, clubhouse with a lounge and community kitchen, outdoor pool with lounge seating, a children’s activity center and an onsite playground. Residents will also have access to services such as afterschool care, financial literacy courses, ESL (English as a second language) classes and first-time homebuyer programs. MetLife Investment Management is the tax credit investor on the project. PIMCO provided construction and permanent financing that Berkadia arranged. The first units at Sanara are expected to be available for occupancy next spring.
