DENTON, TEXAS — The NRP Group, a Cleveland-based multifamily developer, has broken ground on Arbor Ranch, a 297-unit affordable housing project in the North Texas city of Denton. The site at 2820 Roselawn Drive spans 22 acres, and the development will consist of nine three-story buildings that will house one-, two-, three- and four-bedroom units and will be reserved for households earning between 30 and 70 percent of the area median income. Amenities will include a pool, playground, barbecue and picnic areas, children’s activity room and a community lounge, and residents will also have access to various onsite social services. Younger Partners brokered the sale of the land. Truist Bank provided a $68 million construction loan for the project. The first units are expected to be available for occupancy early next year.
The capital stack for Arbor Ranch, a new affordable housing project in Denton, also includes $48 million in permanent financing through, Grandbridge Real Estate Capital, a subsidiary of Truist, as well as $33 million in low-income housing tax credit equity.
NRP Group Breaks Ground on 297-Unit Affordable Housing Project in Denton, Texas
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