The NRP Group, JPS Health Network to Develop 67-Unit Community in Dallas-Fort Worth
FORT WORTH, Texas--(BUSINESS WIRE)--Oct 10, 2024--
The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, in partnership JPS Health Network, today announced the financial closing of a 67-unit mixed-income multifamily development in Fort Worth, Texas. Sixty of the units will be reserved for residents earning 30, 50 and 60 percent of the Area Median Income (AMI), with the remaining seven set aside as market-rate. The development will also include 2,200 square feet of commercial space leased to JPS Health Network to service residents and the surrounding community.
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Credit: The NRP Group
“Thrive on Crawford exemplifies The NRP Group’s commitment to providing more than just housing to our residents through nontraditional partnerships with organizations like JPS,” said Max Whipple, Vice President of Development at The NRP Group. “This project is a testament to how hospitals can play a transformative role in their communities, setting a new benchmark for development that mitigates social determinants of health throughout Texas. Thrive on Crawford is the culmination of years of collaboration with local organizations and financial partners, including Red Stone Equity Partners and CVS Health, to create an amenity-rich, wellness-focused multifamily community in a prime, high-opportunity location."
Positioned next to a key site in JPS Health Network’s $2.1 billion bond program expansion, Thrive on Crawford is part of a broader vision to enhance healthcare services across Tarrant County. The new community will provide essential housing options for healthcare workers, young professionals, and families, offering an urban lifestyle close to boutique shops, restaurants and entertainment venues.
“Thrive on Crawford marks a pivotal moment in our commitment to providing affordable housing solutions to the residents of Tarrant County,” said Karen Duncan, MD, MBA, President and Chief Executive Officer at JPS Health Network. “This development is dedicated to fostering a vibrant community that prioritizes wellness and the stability of those who live and work in the area. We are pleased to partner with The NRP Group on this essential project, which is a core component of JPS Health Network’s strategy to build a more resilient community where every individual can thrive.”
The project will feature a variety of one-, two-, and three-bedroom apartments with high-end finishes. Amenities will include a business center, community kitchen and lounge, fitness center, children’s playroom, and an outdoor playscape. Thrive on Crawford will also offer a comprehensive resident services program, including adult literacy workshops, financial training and youth afterschool and summer programs.
“As JPS embarks on its major facility expansion project, we're proud to contribute to this transformative moment with Thrive on Crawford,” said Trent Petty, Board Chair of the Tarrant County Hospital District Public Facility Corporation. “It's about more than just homes—it's about enhancing the health and wellbeing of our community as part of JPS' ongoing commitment to serving Tarrant County and the JPS Board’s commitment to revenue diversification to protect our ability to continue providing uninterrupted outstanding care to our patients.”
Project financing was provided by JPMorgan Chase and Berkadia, with tax credit equity investment from CVS Health through an investment fund managed by Red Stone Equity Partners. Additional funding was provided by the Near Southside Financing Zone TIF and Texas Department of Housing and Community Affairs. Wynne Jackson and Servitas helped co-develop the community.
“We are incredibly proud to support the NRP Group in developing a project that not only provides housing but also delivers essential health, wellness, social, recreational, youth and financial services to the community,” said Annette Reschke, Executive Director of Chase Community Development Banking. “Housing with access to vital services ensures residents have the resources they need to thrive.”
“We are grateful and proud to have partnered with NRP, JPS, CVS Health, and all of the project participants to provide high-quality, safe, healthy, and affordable housing for 67 families here in Tarrant County,” said Darren Swanson, Managing Director of Red Stone Equity Partners. “This cutting edge investment sits at the intersection of health and housing, and was made possible by the Low Income Housing Tax Credit, our nation’s most successful housing program with a 38-year track record of success and a model of what public-private partnerships are all about.”
CVS Health’s investment in Thrive on Crawford is a local demonstration of the company’s mission to improve the health of individuals across the country. This health and housing collaborative not only allows JPS essential and other local employees the opportunity to live in affording housing in the community in which they work but also provides all residents immediate access to important healthcare services including primary care, pediatric, behavioral health, orthopedics, cardiology, and oncology.
“Our commitment to affordable housing is a key part of our mission to improve community health and address housing insecurity,” said Stephanie Rogers, Chief Executive Officer, Aetna Better Health of Texas. “Our investment in this new health focused development in Tarrant County is another step in our long-standing effort to support communities by providing not just housing, but also essential services that ensure residents flourish and have the tools they need for healthier, more secure lives.”
Thrive on Crawford marks The NRP Group’s fourth “Health and Housing” development, and the company’s first in the State of Texas. The Dallas metro area remains a priority market for The NRP Group. The firm has developed over 6,000 units across 27 properties in the region, and recently broke ground on a new affordable housing development, The Fielder, in Mesquite.
Construction of Thrive on Crawford is already underway, with completion slated for early 2026.
About The NRP Group
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing with a mission 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, mixed-income, and senior housing.
The NRP Group is consistently ranked 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 same 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 housing 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 JPS Health Network
The Tarrant County Hospital District, known as JPS Health Network, is a tax-supported organization serving the healthcare needs of families across Tarrant County. JPS provides adult inpatient care at John Peter Smith Hospital, a facility licensed for 582 beds and located in Fort Worth, Texas. JPS has served as a Level I Trauma Center for Tarrant County for over a decade and is currently the largest training institution in Fort Worth. The health network offers comprehensive services including primary care, specialty care, and pharmacy at more than 25 community locations. JPS is dedicated to providing a full continuum of behavioral health services, including inpatient services at Trinity Springs Pavilion, emergency behavioral health services at our Psychiatric Emergency Center, outpatient services at our JPS clinics, and mental health services for children and adolescents through programs like TCHATT.
About CVS Health
CVS Health ® is the leading health solutions company, delivering care like no one else can. We reach more people and improve the health of communities across America through our local presence, digital channels and over 300,000 dedicated colleagues — including more than 40,000 physicians, pharmacists, nurses and nurse practitioners. Wherever and whenever people need us, we help them with their health — whether that’s managing chronic diseases, staying compliant with their medications or accessing affordable health and wellness services in the most convenient ways. We help people navigate the health care system — and their personal health care — by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day. Follow @CVSHealth on social media.
About Red Stone Equity Partners LLC
Red Stone Equity Partners, LLC (“Red Stone Equity”) is a leading real estate investment firm specializing in the syndication of Low-Income Housing Tax Credits and Renewable Energy Tax Credits to facilitate the development of affordable multifamily rental housing and renewable energy projects, respectively. Red Stone Equity prioritizes environmental, social, and governance “(ESG”) factors in all aspects of business and our company. Red Stone Equity builds upon long-lasting relationships with investors and developers as it acquires, structures, and, provides long-term asset management services to its institutional clients. Red Stone Equity senior management features a diverse set of professionals with extensive experience in all aspects of real estate, affordable housing, and renewable energy investment. Since inception, Red Stone Equity has raised over $9 billion of tax credit equity. These funds have been used to finance the construction and/or rehabilitation of more than 62,000 units of affordable housing in 48 states, Washington, D.C., and Puerto Rico. Red Stone Equity has offices in Boston, Charlotte, Chicago, New York, and San Diego. For more information, please visit us at rsequity.com or on LinkedIn or Twitter.
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CONTACT: MEDIA:
Phoebe Schmidt
Antenna | Spaces
nrpgroup@antennagroup.com
KEYWORD: TEXAS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: HEALTH HOSPITALS RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY GENERAL HEALTH URBAN PLANNING
SOURCE: The NRP Group
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