Developers broke ground on The Knoll on South Congress, an apartment complex to contain 308 upscale units. (NRP Group)
SOUTH AUSTIN, TX — Officials at The NRP Group on Tuesday announced the groundbreaking of The Knoll of South Congresss, an upscale apartment complex in South Austin to feature more than 300 market-rate units.
The 308-unit, multifamily rental apartment community in Austin’s Southpark Meadows submarket will be located at 8103 South Congress Ave., 6.4 miles south of Austin’s central business district, along one of the city’s most most recognized streets. South Congress Avenue is a popular pedestrian thoroughfare serving as destination for food, retail, music, and art offerings. The location provides convenient access to downtown, Austin-Bergstrom International Airport and is served by Austin’s rapid bus line which runs north/south on South Congress Avenue, officials noted.
The project is also within walking distance of a new HEB grocery center currently in construction, Thirsty Planet brewery, and the 2-million-square-foot Southpark Meadows shopping center.
"We are thrilled to announce this best-in-class community in Austin’s central hub and continuing to expand our high-quality homes in the city," J. David Heller, Co-Founder and Chief Executive Officer at The NRP Group, said in a prepared statement. "The Knoll at South Congress aligns perfectly with NRP’s vision to support development in areas with robust local economies and plentiful job growth."
The complex is comprised of two, four-story buildings that will contain a mix -of studios and one-, two-, and three-bedroom apartment homes with footprints ranging from 600 to 1,400 square feet, according to a press advisory. It will feature a clubhouse, attached parking garages, roof top amenity deck, resort style pool, fitness studio, and dog park, officials added.
"Between The Knoll at South Congress, the new HEB grocery store, Thirsty Planet Brewery, and planned retail and restaurant spaces, the redevelopment of this southern stretch of South Congress Avenue has transformed the area into a vibrant, walkable pocket only minutes from downtown," Alastair Jenkin, The NRP Group’s Vice President of Development, said in a statement.
The NRP Group is developing The Knoll at South Congress with two financial partners, PointOne Holdings as equity provider and Comerica, as lender.
"We are very excited to have The NRP Group as our joint venture partner in the development of this exceptional rental community in the booming city of Austin," Leo Peicher, PointOne Holdings’ Managing Partner, said. "The Knoll at South Congress residents will enjoy Austin’s great lifestyle while avoiding the traffic congestion and high rents common in the urban core."
Added Shery Layne, Senior Vice President, Commercial Real Estate Lending Comerica Bank: "The NRP Group’s strategy and conservative investment aligns with our own. We are pleased to partner with NRP on this excellent project and look forward to a fruitful collaboration in the future."
The Knoll at South Congress is scheduled for completion in 2021.
About The NRP Group
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing. Since its founding in 1995, NRP has delivered more than 33,000 apartment homes, and currently manages over 20,000 residential units. The company utilizes the entire breadth of its in-house capabilities to fulfill its mission: creating exceptional rental housing opportunities for individuals and families, regardless of income.
Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company’s formidable size and depth of talent provides the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market- rate, affordable, and senior housing. As a three-time recipient of the National Association of Builders Multifamily Development Firm of the Year and recognized Top 25 Developer by Multifamily Executive, NRP is leveraging its decades of practice by also providing construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.
About PointOne Holdings
PointOne Holdings Development is a real estate investment firm headquartered in South Florida and Atlanta with properties located throughout the Southeastern United States and Texas. The firm owns and manages a diversified portfolio of residential and commercial assets valued in excess of $730 million. PointOne Holdings’ principals are seasoned professionals with over 40 years of combined experience who have collectively conducted over $1.9 billion in real estate transactions. Lean more by visiting http://www.pointoneholdings.com.