The NRP Group will bring 60 new workforce family housing apartment homes to existing development, located within close proximity to employment, shopping, and community services
TIFFIN, OHIO – April 1, 2020 – Following the completion of its first phase in 2018, The NRP Group, a vertically-integrated, best-in-class developer, builder, and manager of multifamily housing, announced today it closed on the purchase for the second phase of Tiffin Pointe Monday, March 30, 2020. The project will be located on 7.5 acres at 1692 West Market Street, and construction is expected to be complete by the end of 2021.
The Tiffin Pointe project will feature up to 60 one-, two- and three-bedroom townhomes and will utilize the existing fitness center, playground and other community center amenities. Homes will have open floor plans, multiple bathrooms, modern appliances, and security systems. There will also be onsite management to oversee the property and work directly with residents to assist them in connecting with local, state, and federal resources.
The project was able to utilize the Housing Tax Credit Program through the Ohio Housing Finance Agency and could move forward with that funding thanks to a community reinvestment area agreement approved by Tiffin City Schools Board of Education and Tiffin City Council. The NRP Group expects to be at 95 percent occupancy within 6 months of opening and will own and manage the property for 15-30 years.
The NRP Group completed the $9.1 million first phase of Tiffin Pointe in 2018. The project included construction of 52 two-, three-, and four-bedroom townhomes situated in three, three-story buildings along with a community clubhouse. The building is at full occupancy.
“We are thrilled to move forward with Phase II of Tiffin Pointe,” said Aaron Pechota, Senior Vice President of Development at The NRP Group. “These 60 new homes built on the existing foundation we’ve established with Tiffin Pointe, and align perfectly with our mission of creating exceptional housing opportunities for individuals and families, regardless of income.”
Tiffin Mayor Aaron Montz was pleased by the news. “The results of the housing study completed in 2019 show that there is a need for affordable apartments in the City of Tiffin, and The NRP Group has stepped up again to provide a beautiful project that will benefit so many people looking for a place to call home.”
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 1994, 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 the Tiffin-Seneca Economic Partnership
Started in 1983 as the Seneca Industrial and Economic Development Corp. (SIEDC), the Tiffin-Seneca Economic Partnership is a private, non-profit corporation dedicated to driving positive economic, downtown, and community development in Tiffin and Seneca County, Ohio, which consistently ranks among the top communities nationally for economic development. Learn more about the great things going on in Tiffin and Seneca County at www.tiffinseneca.org.