The NRP Group, H.I.G. Capital Break Ground on Multifamily Development Outside Dallas, Texas

The 331-unit market-rate apartment community is tailored to meet the evolving needs of North Dallas’ rapidly growing population

The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, in partnership with H.I.G. Realty Partners, the real estate platform of global investment firm, H.I.G. Capital, has broken ground on Diamond Flats, a market-rate community in Carrollton, Texas, a vibrant suburb of Dallas. The six-acre site is being transformed into a four-story development comprising 331 apartment homes. Santander Bank, N.A. has provided a construction loan for the project.

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The NRP Group, in partnership with real estate investor H.I.G Realty Partners, has broken ground on Diamond Flats, a market-rate apartment community twenty-five miles north of Dallas, Texas. (Photo: Business Wire)

Located at 1402 Carrollton Parkway directly adjacent to Highway 121, Diamond Flats is strategically positioned for convenience and connectivity. Just minutes from major mixed-use developments, corporate hubs and major area employers, the development is tailored to the evolving opportunities resulting from the rapid growth of the North Dallas region.

“Diamond Flats demonstrates NRP’s commitment to creating high-quality communities that cater to the evolving needs of Dallas’ fast-growing population,” said Alena Savera, Vice President of Development at The NRP Group. “This incredible location in Carrollton offers residents quick access to the top amenities in the Dallas-Fort Worth market. We are fortunate to work with partners like H.I.G Capital and Santander Bank, N.A. to deliver rental opportunities where apartment demand is surging.”

Centrally located between downtown Dallas, Dallas-Fort Worth International Airport and popular mixed-use developments including Legacy West, Diamond Flats offers proximity to prominent retail and job centers including Toyota, Frito Lay, FedEx and JP Morgan. Additionally, the development is located near green spaces, hospitals, restaurants and retailers.

Featuring spacious one- to three-bedroom units averaging over 950 square feet, Diamond Flats is designed to accommodate professionals with hybrid work schedules. Many units offer dens for working remotely in addition to community coworking amenity spaces. Residents will enjoy exceptional on-site amenities, including a fitness center with separate strength and cardio areas, a resort-style pool, tranquil courtyards, a game room and secure garage parking. Diamond Flats is the second NRP development in the Carrollton area.

The first units are on track for delivery in 2025.

ABOUT THE NRP GROUP

The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing whose mission is to create exceptional rental housing communities for individuals and families, regardless of income. Since its founding in 1994, NRP has developed more than 50,000 apartment homes and currently manages over 25,000 residential units.

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 provide 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, workforce, and mixed-income housing.

The NRP Group ranks consistently in the Top 10 largest developers and builders in the U.S. by the National Multifamily Housing Council and by Affordable Housing Finance. The NRP Group is a winner of the National Association of Home Builders Multifamily Pillars of the Industry award for “Builder of the Year,” and a four-time recipient of the Pillar Award for “Development Firm of the Year.” The NRP Group has become the top multifamily developer in the U.S. that creates both affordable and market-rate communities at a national scale. Based on its nearly 30 years of experience and expertise, NRP now provides construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.

ABOUT H.I.G. REALTY PARTNERS

H.I.G. Realty Partners is the real estate platform of H.I.G. Capital, a leading global alternative assets investment firm with $59 billion of equity capital under management. * H.I.G. Realty Partners focuses on small-to-mid-cap real estate, targeting both equity and debt investments across all property types located throughout the U.S., Europe, and Latin America. Equity investments are concentrated on the acquisition of value-added assets, employing a hands-on, operationally focused approach that seeks to generate substantial cash flow and asset appreciation through rehabilitating, redeveloping, repositioning, and rebranding assets that have been capital starved and/or poorly managed. Debt investments include senior bridge loans, mezzanine loans and preferred equity collateralized by transitional properties and portfolios. For more information, please refer to the H.I.G. website www.higcapital.com.

*Based on total capital raised by H.I.G. Capital and affiliates.

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