NRP Group plans to develop a $91.6 million affordable apartment complex on San Antonio’s East Side.
The Ohio-based developer is seeking approval for the 336-unit Lakeside Lofts, near the intersection of Loop 410 and Rigsby Avenue. The estimated construction cost comes to $272,600 per unit.
The project will sit 19 acres at 5606 U.S. Highway 87 East. It would cater to residents with varying income levels, with a mix of one-, two-, three- and four-bedroom apartments.
Ninety-five of the units will be reserved for tenants earning 70 percent of the area median income, 207 will target 60 percent AMI, and 34 units will be allocated for individuals qualifying at 30 percent AMI.
If NRP Group, led by president and CEO David Heller, secures a resolution of no objection from the San Antonio City Council, it will apply for 4 percent low-income housing tax credits to finance the project.
NRP Group is also involved in several other major projects around the city, including a 350-unit market-rate apartment complex near Brooks.
The company is also collaborating with the Brooks Development Authority on “Project Yeager,” a $78 million development combining multifamily housing and retail space at the intersection of Loop 410 and Interstate 37. Construction for those projects is expected to begin soon, with completion anticipated in 2027.
NRP Group has been expanding its presence throughout Texas, with a pipeline of over 4,000 market-rate units
The firm is partnering with the Housing Authority of Travis County on the Preakness Apartments, a workforce housing development planned for Southeast Austin, at East Slaughter Lane and Capitol View Drive. The project will deliver 341 one- and two-bedroom apartments, with half of them priced below market rates.
— Andrew Terrell
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