Texas

AUSTIN, TEXAS — The NRP Group, a Cleveland-based multifamily owner-operator, has broken ground on Phase I of a 675-unit multifamily redevelopment project in East Austin. Developed in partnership with the Austin Independent School District, the project will convert the former Anita Ferrales Coy School, located on an 18-acre site at 4812 Gonzales St., into a mixed-income community. The Austin Business Journal reports the redevelopment project has a total cost of approximately $142 million. The first phase will add 341 units to the local supply, while the second phase, which is expected to begin later this year, will comprise 334 units. About half of the apartments will be reserved for households earning between 60 and 80 percent of the area median income. The Urban Investment Group at Goldman Sachs Alternatives provided construction debt for the project, and Clarion Partners provided an equity investment. The school closed in 2018, after which time the property was used as an alternative learning center.

HOUSTON — Locally based firm Moody National Development has broken ground on Silo Springs, a 346-unit multifamily project in West Houston that represents Phase I of a larger development. The 17-acre site is located at the northeast quadrant of I-10 and the Beltway, and the five-story building will offer one-, two- and three-bedroom units. Amenities will include a clubroom, fitness center, game lounge, business center, pool, courtyard, outdoor grilling and dining stations and a pet park. Architecture firm PVEDI (formerly EDI International) designed the project, and Arch-Con Corp. is serving as the general contractor. Completion is slated for mid-2028.