NRP Group and Austin ISD Break Ground on Landmark East Austin School-to-Housing Project
The NRP Group, a nationally recognized developer, builder, and manager of multifamily housing, in partnership with the Austin Independent School District (AISD), today announced the financial closing and groundbreaking of the first phase of the Anita Ferrales Coy school-to-housing redevelopment. This landmark project will create a 675-unit, mixed-income community designed to address Austin’s growing housing affordability crisis, with a focus on cost-burdened residents and essential workers, including AISD teachers, bus drivers, and staff.
Construction will occur in two phases. Phase 1 will deliver the first 341 units, while Phase 2, set to break ground later this year, will add 334 more units. The project represents a strategic public-private partnership, leveraging underutilized district land to expand housing opportunities in one of Austin’s highest-demand areas. Financial backing for Phase 1 includes private equity investment from real estate firm Clarion Partners and construction lending through the Urban Investment Group at Goldman Sachs Alternatives.
“Austin ISD educators and staff face historic affordability pressures, with rising housing costs forcing many to live far from the students and campuses they serve,” said Matias Segura, Superintendent of Austin ISD. “Two-thirds of our employees are cost-burdened, affecting our ability to attract and retain talent. The Anita Coy redevelopment offers a bold, innovative solution that provides stability for our district and serves as a blueprint for how school districts can leverage their physical assets to uplift both employees and neighboring communities.”
The 18-acre site at 4812 Gonzales St. will feature two multi-story buildings offering one-, two-, and three-bedroom residences tailored for professionals and growing families. Half of the units will be rent- and income-restricted: 10% for households earning up to 60% of the Area Median Income (AMI) and 40% for households earning up to 80% AMI. The remaining 50% will be market-rate units. Under a long-term ground lease, AISD will retain ownership of the land, creating a sustainable revenue stream while facilitating affordable housing options. The site also lies within a federally designated Opportunity Zone, promoting investment in historically underserved communities.
Residences will feature high-end finishes, including quartz countertops, stainless steel appliances, and modern cabinetry. Residents will have access to a resort-style pool, co-working lounges, fitness centers, a parking garage, and shared outdoor gathering spaces. The development will also include a publicly accessible green space with preserved heritage trees, walking paths, murals, and art installations from local artists, emphasizing community engagement and cultural preservation.
“This site has served Austin’s children for generations, and now it will support the families who sustain the city,” said Nick Walsh, Vice President of Development at The NRP Group. “Across Austin, cost-burdened residents—those who educate our children, staff our schools, run transit systems, and maintain retail and service sectors—are being priced out. This mixed-income community provides high-quality, attainable housing for the workforce that forms the backbone of the city, supporting AISD teachers, staff, and families in the communities they serve.”
Council Member José Velásquez, representing East Austin, praised the project, highlighting its focus on placekeeping and cultural representation. “As a native East Austinite, I value the commitment to preserving the character of our community while expanding housing options,” he said.
Institutional partners emphasized the long-term community impact of the project. “This development shows how institutional capital can align with public interests to drive meaningful outcomes,” said Jason Glasser, Portfolio Manager and Managing Director at Clarion Partners. “We are proud to support mixed-income housing, local job creation, and neighborhood improvements that will have lasting benefits.”
Goldman Sachs’ Urban Investment Group committed over $60 million to the redevelopment. “Our investment ensures that the site continues to serve Austin’s community by providing quality workforce housing, keeping educators, first responders, and essential workers rooted in the neighborhoods they strengthen,” said Asahi Pompey, Chair of the Urban Investment Group. Since 2001, UIG has contributed over $20 billion to community and economic development projects nationwide, supporting long-term growth and revitalization, including a decade of work in Texas.
The NRP Group, ranked among the top three multifamily developers in Austin by the Austin Business Journal, currently manages over 7,500 apartment homes across 25 developments in the city, with several hundred additional units under development.
Construction of Phase 1 is already underway, with the first units expected to be available for lease in fall 2027. Phase 2 will commence later this year. AISD teachers and staff will receive priority leasing through a Preferred Employer Program, though the community will be open to all qualified residents, ensuring a diverse, mixed-income environment.
The Anita Ferrales Coy redevelopment demonstrates how innovative public-private partnerships can tackle housing affordability challenges while supporting essential workers. By transforming underutilized school land into vibrant, inclusive housing, the project not only addresses immediate workforce housing needs but also sets a precedent for sustainable community development across Austin and other high-demand markets.
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