Multifamily developer, builder, and manager The NRP Group, based in Cleveland, has expanded its footprint farther westward where demand for rentals is high in Phoenix and Las Vegas. The expansion also included hiring Austin Kates as vice president of development in Phoenix and Mike Moriarty as vice president of development in Las Vegas.
Both local to their markets, Kates and Moriarty will oversee market-rate developments in their rapidly flourishing areas. The two will report to Chris O’Neill, executive vice president of development in Texas, the firm shares.
“Welcoming Austin and Mike to the team is the start of an exciting new chapter for NRP. The Phoenix and Las Vegas markets are among the fastest growing in the nation, and the need for our caliber of rental communities is mounting,” O’Neill says. “Austin and Mike’s combined development experience will help bolster market-rate rental housing in these booming hubs.”
Considering the current state of the economy and the common unknowns of entering a new market, the two new vice presidents of development are confident in the firm’s ability to maneuver through difficulties.
“In Phoenix and Las Vegas, we are faced with navigating the current high costs of labor, land, and materials, and the overall market volatility and market uncertainty that everyone is seeing right now. Overcoming these obstacles requires strategic planning, collaboration with our stakeholders, and most importantly a deep understanding of the unique dynamics of these markets, which luckily Austin and I inherently possess both being locals,” says Moriarty.
“Despite these challenges, NRP has the necessary expertise working through various market cycles and periods of economic volatility so that we can effectively address the rental housing demand in both metros and deliver apartment communities that residents will be proud to call home.”
Due to Maricopa County’s wildly expanding population and major employment growth, Kates says the expansion into the market was a logical step for NRP. “With a population influx and growing employment base, the greater Phoenix area continues to face a long-term supply-demand imbalance for housing,” shares Kates. “Having grown up in the Phoenix area, I am excited to be a part of NRP’s positive impact on the local community.”
Although the firm is new to the market, Kates is seeing good movement in NRP’s project pipeline. He shares that NRP is in the initial stages of a suburban opportunity and is actively having conversations with local partners so that it can begin developing quality housing to meet the need of the market.
Similarly, the Las Vegas market—while geographically smaller—is experiencing growth that NRP aims to house. “With two professional sports teams and a favorable tax environment for businesses, economic development is expected to remain on an upward trajectory,” says Moriarty. “The current market provides an opportune time for NRP to meet the diverse housing needs of the city’s residents. I am thrilled to help NRP navigate a market that I call home and ultimately deliver the top-tier properties the company is known for.”
Moriarty continues, “Our Vegas pipeline is gaining a lot of momentum in just the few months after we have entered the market. Currently we are in the beginning stages of development on two new projects both located in more of southwest Las Vegas. One is a suburban location, and one is more of an urban core location. We are excited to continue working on these.”
Kates and Moriarty are plugged into their respective markets and are working to build awareness of NRP's nearly 30 years of experience in developing more than 50,000 apartment homes with 25,000 residential units under management.
Kates says, “Looking ahead, we are continuing to establish NRP’s presence in these markets and building our pipeline with really well-located sites that hit our criteria.”
