CLARKSBURG, Md., Feb. 15, 2019 /PRNewswire/ — The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, has broken ground on The Axiom at Cabin Branch, an upscale 272-unit rental apartment community in Cabin Branch, Montgomery County’s new neo-traditional development in Clarksburg, Maryland.
Axiom will be directly adjacent to the new Clarksburg Premium Outlets, an upscale outlet mall developed by Simon and New England Development, located off on I-270 and MD. Route 121 interchange in Montgomery County, Maryland, 30 miles north of Washington, D.C. and 50 miles west of Baltimore.
"We’re thrilled to bring this development to Cabin Branch as our first step into the Washington, D.C. market," said J. David Heller, Co-Founder and Chief Executive Officer at The NRP Group. "Axiom will offer a unique lifestyle choice for future residents who will be able to enjoy shopping and entertainment options at their fingertips, while in close proximity to the I-270 employment corridor."
Axiom will be the only rental community in Cabin Branch. At full build-out, Cabin Branch will feature about 1,600 residences, both for sale and for rent, with for-sale residences developed by upscale builders Winchester Homes, Ryan Homes, and NVHomes. The idyllic setting of The Axiom at Cabin Branch in western Montgomery County includes working farms and orchards, horse and biking trails, kayaking, and other opportunities for outdoor recreation in the adjacent 93,000-acre Agricultural Reserve and the 2,000-acre Black Hill Regional Park.
Axiom will consist of a mix of luxurious one-, two-, and three-bedroom apartment homes. The units will feature plank flooring, 9-foot ceilings, spacious walk-in closets, modern kitchens with quartz countertops, stainless steel appliances, and European-style cabinets. Amenities will include a resort-style pool, pool deck with fire pits, grills, and big-screen TVs, a state-of-the-art fitness center, social and recreational gathering spaces, a dog park, interior bike storage, a tot-lot play area, and package reception services.
The NRP Group is developing Axiom with equity partner Parse Capital and with construction financing provided by First National Bank of Pennsylvania.
"NRP has an exceptionally strong reputation in the markets in which they develop and an excellent track-record of executing a great product," said Nicholas Killebrew, Head of Originations at Parse. "We are eager to watch this development come together and to continue partnering with NRP on future projects."
Axiom marks The NRP Group’s first construction start in the D.C. metro area, a logical step for the national developer that has been expanding into several new markets that boast robust economies with strong job and population growth. In 2017, The NRP Group opened an office in Gaithersburg, MD, and hired industry veterans Joseph Torg and Josh Wooldridge as co-heads of its Mid-Atlantic Development office.
Torg and Wooldridge are responsible for sourcing and executing NRP’s ground-up multifamily development pipeline. In addition to The Axiom at Cabin Branch, Torg and Wooldridge have generated a robust pipeline of multifamily deals from Baltimore to Richmond.
"With this groundbreaking, it’s clear that Josh and Joe bring the right mix of experience and local knowledge, enabling The NRP Group to expand its development and construction best practices to this new market," added Heller. "We are delighted to have them on board and expect more great things to come."
About The NRP Group
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing. Since the company’s founding in 1995, NRP has delivered more than 33,000 apartment homes, and currently manages over 17,000 residential units. The company utilizes the entire breadth of its in-house capabilities to fulfill its mission: creating exceptional rental housing opportunities for individuals and families, regardless of income.
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 provides 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, and senior housing. As a three-time recipient of the National Association of Builders Multifamily Development Firm of the Year and recognized Top 25 Developer by Multifamily Executive, NRP is leveraging its decades of practice by also providing construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.
About Parse Capital
Parse is a leading provider of financing solutions to developers and financial sponsors for the development, recapitalization and acquisition of multifamily assets throughout the United States. Parse offers a range of creative financial structures, including stretch senior and subordinated debt, preferred stock and co-investment equity. For more information, please visit Parse’s website at www.parsecap.com.
About First National Bank of Pennsylvania
First National Bank of Pennsylvania, the largest subsidiary of F.N.B. Corporation FNB, +1.58% has approximately 400 full-service locations in Pennsylvania, Ohio, Maryland, West Virginia, North Carolina and South Carolina. In addition to a comprehensive suite of traditional banking products and services, the Bank also provides a full range of online and mobile banking solutions for consumer and business clients. First National Bank has been recognized repeatedly as a best place to work in Pittsburgh, Pennsylvania, its headquarters city.
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SOURCE The NRP Group
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