The NRP Group is expanding operations westward. The multifamily developer, builder and manager also announced new hires to oversee developments in Phoenix and Las Vegas.
“Our leadership spends a great deal of time considering expansion strategies with a focus on the fundamentals like supply/demand dynamics, employment trends and household formation,” says Chris O’Neill, Executive Vice President of Development in Texas. “When looking at population growth, strong employment numbers and cost of living statistics, Phoenix and Las Vegas were high on the charts. As we dug deeper, things like diversifying employment, relocating businesses, barriers to entry and institutional interest further supported the decision.”
Austin Kates is Vice President of Development in Phoenix, and Mike Moriarty is Vice President of Development in Las Vegas. Both will report to O’Neill and lead market-rate developments in their respective cities.
“This growing demographic [of working professionals] is seeking Class-A housing communities and has the means to afford the market-rate developments complete with luxury amenities and living arrangements that NRP is known for delivering,” says O’Neill. “By starting with market-rate developments now, we’re laying the groundwork to develop both affordable and mixed-income communities in the future.”
Prior to joining NRP, Kates served as a Development Associate at The Wolff Company, leading the firm’s sourcing efforts in Austin and Dallas-Fort Worth. As an analyst with the company, he oversaw the underwriting and due diligence process for over 2,500 units spanning a variety of product types including multifamily in Arizona, Texas and northern Virginia markets.
Before joining NRP, Moriarty served as Managing Partner at The Ardour Company, where he sourced new projects, secured joint venture partnerships and projected capitalization. Prior to The Ardour Company, Moriarty oversaw investment management for AT Industrial Co.
“In the Phoenix and Las Vegas markets, we are faced with navigating the high cost of land, labor and material costs as well as overall economic volatility and market uncertainty, all of which are plaguing the entire housing industry,” says O’Neill. “Overcoming these obstacles requires strategic planning, collaboration with stakeholders, and, most importantly, a deep understanding of the unique dynamics of these markets, which Mike and Austin, local to Las Vegas and Phoenix respectively, inherently possess.”