ZOM Florida and The NRP Group Complete $45 million Workforce Housing Project in Broward County

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Utilizing various public and private funding sources, including the New Issue Bond Program, sponsored by the Florida Housing Finance Corporation, Monterra Apartments is the newest affordable family rental community in the high growth Broward County market.

With homeownership steadily declining, and the new renter market on the rise, there is an increasing need for affordable rental housing.

ZOM Florida and The NRP Group recently celebrated the completion and grand opening of Monterra Apartments, a workforce housing community in Cooper City, south Broward County, Florida. The new 300 unit community began pre-leasing in February 2012 and was 100% leased in April. The units will be 100% occupied in mid July. The property boasts a variety of spacious 1, 2 and 3-bedroom floor plans, featuring nine foot ceilings, and walk in closets. The centerpiece of the Monterra community is a large upscale clubhouse facility, which includes a swimming pool, clubroom with computer work stations, and a 24-hour fitness center.

Additional project features include energy efficient appliance and lighting packages, a playground, a covered barbeque area, and a dog park.

Project financing included approximately $26 million in NIBP bonds issued by the Florida Housing Finance Corporation, HOME loan funding, and additional loans provided under the SHIP Loan program funded and administered by Broward County. Project equity and construction financing were provided by Bank of America. ZRS Management, LLC has been retained to provide property management services.

“We believe our timing is excellent, with homeownership steadily declining, the new renter market is on the rise,” said Kyle Clayton, ZOM’s Vice President of Development. “This favorable trend is projected to continue and is creating an incredible opportunity to deliver well-conceived, thoughtfully designed rental communities in select U.S. markets.”

Adds Kurt Kehoe, Vice President of The NRP Group, “The need for new affordable rental housing that is within the means of many Broward County residents is evidenced by the incredible demand we have seen at Monterra Apartments.”

With a wealth of experience in all phases of multifamily development, management and ownership, ZOM and The NRP Group continue to team up to strategically pursue both market rate and affordable housing solutions. In addition to Monterra, ZOM and NRP are also currently developing Sorrento, a 320 unit project in Miramar, and will break ground later this year on Casa Palma, a 350 unit community in Coconut Creek.

ZOM is one of the most highly regarded luxury multifamily developers in the United States, and has joint ventured or directly developed over 10,000 apartment units nationwide, with an aggregate value in excess of $1 billion. Throughout its 30 year history, ZOM has garnered more than 100 industry awards including recognition for project design and development expertise. ZOM was awarded the highly coveted Pillars of the Industry award by the National Association of Homebuilders for developing the “Best Garden Apartment Community” of the year. ZOM is headquartered in Orlando and has regional development offices in Fort Lauderdale, Dallas, and Washington D.C. For more information on ZOM’s multifamily portfolio, visit http://www.zomusa.com.

The NRP Group is a full-service developer, general contractor, and property management company, based in Cleveland, Ohio. The NRP Group has been recognized as NAHB’s Multifamily Development Firm of the Year and was ranked number one in the Top 50 Affordable Housing Developers for 2007, 2008, 2009 and 2011 by Affordable Housing Finance. Founded in 1995, the company has experienced continual growth in single-family, multifamily, senior and student housing, and has developed over 18,077 housing units nationwide, with another 3,292+ planned for 2012. NRP has regional offices in San Antonio, Houston, Phoenix, Buffalo, Raleigh and Orlando. For more information on NRP, visit http://www.nrpgroup.com.

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