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The NRP Group has started work on The James on Grand Avenue in the far north of Austin. The complex will offer affordable housing. (Screenshot courtesy of Google Maps)
Ohio-based developer NRP Group has begun construction of a new apartment complex that will add 275 units of affordable housing in the far north of Austin and Williamson Counties.
In a September 7 press release, the NRP Group announced that it had laid the foundation stone for its The James on Grand Avenue project at 15701 FM 1325, Austin. The project is located near the Austin-Round Rock border in Williamson County.
According to the press release, The James will offer residential units on Grand Avenue for residents who earn up to 60% of the median family income in the Austin-Round Rock metropolitan area. For a one-person household, this means that according to recent figures from the U.S. Department of Housing and Urban Development, someone who earns less than $ 41,580 a year would qualify for a unit.
“Austin population growth and housing demand have exploded in recent years as tech companies like Tesla, Apple and Samsung move to the city. The need for more affordable housing for residents with moderate income profiles is extremely high, ”said Jason Arechiga, senior vice president of development for the NRP Group, in the company’s press release.
The James on Grand Avenue will have seven separate buildings with one to four bedroom units available for rent. Development amenities include a pool, fitness center, kids center and playground, community center, and more. According to the press release from September 7th, the housing estate will also offer all-round services, such as
Letting of the units at The James on Grand Avenue is expected to begin in August 2022, but final completion is not planned for before June 2023.
The Capital Area Housing Finance Corp., made up of representatives from 10 counties in central Texas, is working with the NRP Group on this project.
According to the September 7 press release, the project is using housing income bonds and tax credits to fund the development of the project.
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