The NRP Group, a leading developer, builder, and manager of multifamily housing, has announced the opening of the Residences at Cedar Creek, a new 200-unit affordable housing community in Charlotte, North Carolina. This development, a collaboration between The NRP Group and the City of Charlotte, aims to provide high-quality housing to residents earning between 30% and 60% of the Area Median Income (AMI), with a limited number of workforce housing units available for those earning up to 80% AMI.
“Residences at Cedar Creek represents a pivotal step forward in our mission to ensure every Charlotte resident has access to safe, affordable, and high-quality housing,” said Jason Mochizuki, Vice President of Development at The NRP Group. “Our commitment to delivering affordable housing developments that prioritize both quality and convenience is reflected in this project, which boasts robust amenities and a prime location along the I-77 corridor. This ensures residents have easy access to employment hubs, schools, and essential services across the city.”
The Residences at Cedar Creek is located at 7224 Forest Point Boulevard in Charlotte’s Southeast district, offering residents quick access to I-77 and only a 15-minute drive from Charlotte Douglas International Airport. The development is also strategically positioned near a variety of retail and dining options, pharmacies, schools, and job centers, further enhancing its appeal to working professionals and families alike.
Warren Wooten, Assistant Director of Affordable Housing at the City of Charlotte, emphasized the importance of the development, stating, “As our city continues to grow and attract new families and businesses, developments like Residences at Cedar Creek play a crucial role in addressing housing needs and fostering economic inclusivity. This project is a vital contribution to our city’s housing strategy, providing an essential mix of affordable options for residents.”
The development consists of three four-story buildings designed to cater to both working professionals and growing families. Each apartment features modern open-concept layouts, private patios or balconies, spacious walk-in closets, and sleek cabinetry. The community offers a range of one-to-four-bedroom floorplans to meet diverse needs. Additionally, residents will enjoy a host of best-in-class amenities, including a 24-hour fitness center, a conference center with a WiFi-enabled cyber café ideal for remote work, and family-friendly facilities like an onsite playground and covered picnic areas.
Residences at Cedar Creek was made possible through strategic financing partnerships with Bank of America and KeyBank. Bank of America provided financing for the project, helping to bring much-needed affordable housing to the Charlotte area. “Bank of America is pleased to help finance Residences at Cedar Creek, providing much-needed affordable housing to families in Charlotte,” said Miles Cary, Senior Vice President of Community Development Banking at Bank of America. “Working with The NRP Group, we are helping to build safe, strong communities that are accessible to both retail and commuter hubs.”
KeyBank also provided permanent financing for the project, with Robbie Lynn, Senior Vice President at KeyBank, noting, “The partnership between The NRP Group, the city, and the county demonstrates what can be achieved with strategic public-private partnerships. Together, we’ve accomplished the creation of valuable housing inventory and met affordable housing goals for the community.”
The City of Charlotte contributed $2.5 million in Housing Trust Fund gap financing to the project, while the North Carolina Housing Finance Agency awarded $22 million in 4% Low-Income Housing Tax Credits. These critical financial contributions helped bring the project to fruition and ensure its affordability for residents across income levels.
The NRP Group has a long history of successful developments in North Carolina, having developed more than 4,000 units across the state. Residences at Cedar Creek is the company’s eighth development in Charlotte, where it has now delivered over 2,000 units. The company’s commitment to providing exceptional housing extends beyond Charlotte, as it has made significant contributions to affordable housing development throughout the region.
“We are excited to continue our growth in Charlotte and the broader North Carolina market,” said Mochizuki. “Residences at Cedar Creek is just one example of how we are meeting the diverse needs of the communities we serve while providing residents with the opportunity to live in vibrant, well-designed spaces.”
The NRP Group’s success in North Carolina is part of its broader strategy to build exceptional multifamily communities across the United States. The company’s disciplined approach to land development and its ability to forge meaningful public-private partnerships has earned it a reputation for creating high-quality, sustainable housing. Over the last 30 years, The NRP Group has developed more than 60,000 apartment homes and currently manages over 29,000 residential units.
The NRP Group has consistently ranked among the top developers in the U.S., particularly for its work in affordable and market-rate housing. The company’s expertise in navigating complex developments has positioned it as a leader in the industry. It has also won numerous accolades, including the prestigious Builder of the Year award from the National Association of Home Builders.
In conclusion, Residences at Cedar Creek stands as a testament to The NRP Group’s commitment to building affordable, high-quality housing that serves the needs of families and professionals in Charlotte. With its strategic location, comprehensive amenities, and community-focused design, the development is poised to become a vital part of the city’s growing landscape.
