NRP Group Starts Construction on 150-Unit Affordable Housing Project in Columbus — The NRP Group LLC

Event summary

The NRP Group has broken ground on Stone Ridge at High Street, a 150-unit affordable housing community in Columbus, Ohio.
The project is a partnership with the City of Columbus and the Ohio Housing Finance Agency, targeting working professionals and families earning up to 60% of the Area Median Income (AMI).
Construction is underway, with completion scheduled for April 2028.
Financing includes debt and equity from Huntington Bank, along with construction and permanent financing from Deutsche Bank.

The big picture

The project underscores NRP Group's strategy of transforming distressed urban sites into affordable housing communities, leveraging public-private partnerships to address housing shortages. This aligns with broader industry trends of developers increasingly focusing on affordable housing amid regulatory pressures and rising demand for workforce housing. With over 68,000 apartment homes developed since 1994, NRP Group continues to expand its footprint in key markets like Columbus, reinforcing its position as a top multifamily developer in the U.S.

What we're watching

Execution Risk: Whether NRP Group can deliver the project on time and within budget, given the complexity of affordable housing developments.
Market Demand: How the demand for affordable housing in South Columbus will evolve, particularly with the project's proximity to downtown and major employment centers.
Public-Private Collaboration: The pace at which similar partnerships between cities and developers will emerge in other markets facing housing shortages.