New $12 Million Veterans Initiative Apartments Due to Break Ground in Phoenix

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Financing on the $12 million Madison Pointe Apartment Homes project – which is slated to be ready for residents in the second half of 2012 and will be built at 4134 N. 9th Street - closed on September 30, 2011. Madison Pointe is the first construction project in the city of Phoenix to feature a dedicated veteran’s initiative.

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Phoenix has such a large veteran population that it only made sense for NRP, ADOH, and the city to make the investment to support them with this property and the VASH units that have been incorporated into it.” - Mark Shoemacher, The NRP Group

News from The NRP Group

Financing on the $12 million Madison Pointe Apartment Homes project – which is slated to be ready for residents in the second half of 2012 and will be built at 4134 N. 9th Street - closed on September 30, 2011. Madison Pointe is the first construction project in the city of Phoenix to feature a dedicated veteran’s initiative.

The project was financed with funds from Bank of America (who is the equity partner, construction loan originator and permanent lender), The Arizona Department of Housing, and the City of Phoenix, which provided a HOME loan. Fifteen units have been set aside for VASH vouchers, which is the Department of Housing and Urban Development and Department of Veterans Affairs Supported Housing (HUD-VASH) program providing long-term case management, supportive services and permanent housing support.

Designed with low to moderate income Phoenix residents and U.S. veterans and their families in mind, Madison Pointe will offer sixty affordable 1-, 2-, and 3-bedroom apartment homes with an array of features including a fully-equipped kitchen, ceiling fans, in-unit full size washer and dryer, and a private patio or balcony.

Number amenities have been planned for the property and include a clubhouse with community room, free resident fitness center, playground, a computer center with high-speed internet access, carports, and full perimeter fencing and gated access. Residents will also be provided with planned activities and free social services.

Madison Pointe will be a short walk to the Carl T. Hayden VA Medical Center, Vietnam Veterans of American and the U.S. Department of Veteran Affairs, giving veteran residents convenient access to world-class medical care and veteran services.

“We are proud that to be able to bring Madison Pointe to Phoenix,” says Mark Shoemacher, Vice President of Development for The NRP Group. “This property will not only be an architecturally beautiful addition to the neighborhood, but will also provide a comfortable and spacious home for our residents. Phoenix has such a large veteran population that it only made sense for NRP, ADOH, and the city to make the investment to support them with this property and the VASH units that have been incorporated into it.”

Utility companies are underway removing lines as site clearing, demolition and improvements are set to commence this month, with groundbreaking projected to take place in late January or early February.

The NRP Group LLC: Developer, Builder and Management Company

The NRP Group is a full-service developer, general contractor, and property manager providing a broad range of services. From start to finish, every project The NRP Group takes on is carefully contemplated and executed to maximize investment return, cost efficiency, productivity and satisfaction. The NRP Group has been recognized as NAHB’s Multifamily Development Firm of the Year and has been ranked number one in the Top 50 Affordable Housing Developers for 2007, 2008 and 2009 by Affordable Housing Finance.

Since its’ founding in September 1995 by Alan F. Scott, T. Richard Bailey and J. David Heller, the company has experienced continual growth in the fields of single-family, multi-family, senior and student housing. In all, more than 15,365 housing units have been built with another 1,940+ planned in 2011.

In 2003, the owners formed NRP Management, which at year-end 2010 managed 79 properties encompassing 8,211 market rate and tax credit family and senior apartment properties in Arizona, Ohio, Michigan, North Carolina, Virginia, Texas, Indiana, and New Mexico.

The NRP Group, LLC has offices in Cleveland, Ohio; San Antonio, Texas; Houston, Texas; Phoenix, Arizona; Buffalo, New York; Raleigh, North Carolina; and Orlando, Florida. For more information, call (216) 475-8900 or visit http://www.nrpgroup.com.

For Immediate Release
Contact: Michele Yurcich
Phone: 216.475.8900
Fax: 216.475.0700
E-mail: myurcich(at)NRPGroup(dot)com

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Michele Yurcich