Amidst rapid population and job growth, NRP is expanding to meet the demand for rental apartments in Arizona and Nevada’s two largest cities
CLEVELAND–(BUSINESS WIRE)–The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, today announced the hires of Austin Kates as Vice President of Development in Phoenix and Mike Moriarty as Vice President of Development in Las Vegas. Both will report to Chris O’Neill, Executive Vice President of Development in Texas.
“Welcoming Austin and Mike to the team is the start of an exciting new chapter for NRP,” O’Neill said. “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. Austin and Mike’s combined development experience will help bolster market-rate rental housing in these booming hubs and lay the necessary groundwork to eventually develop affordable and mixed-income communities in those markets as well.”
In their roles at NRP, Kates and Moriarty will be instrumental in originating and overseeing market-rate developments in the rapidly expanding Phoenix and Las Vegas markets, respectively.
“Maricopa County saw the highest population growth of all U.S. counties since 2010 and has yet to realize the full impact of major employment announcements from industry leaders such as TSMC, Intel, KORE Power, LG Energy Solutions, Mayo Clinic, Banner Health, and more,” said Kates. “With a population influx and growing employment base, the greater Phoenix area continues to face a long-term supply-demand imbalance for housing. As a leader in multifamily development, NRP has the necessary expertise to effectively address the area’s rental housing demand and deliver apartment communities that residents will be proud to call home. Having grown up in the Phoenix area, I am excited to be a part of NRP’s positive impact on the local community.”
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, adaptive reuse and senior living across Arizona, Texas and northern Virginia markets.
Moriarty brings over eight years of private real estate development and construction experience to his new role. Before joining NRP, he served as managing partner at The Ardour Company, a multifamily real estate development and investment platform, where he sourced new projects, secured joint venture partnerships, projected capitalization and oversaw investor relations. Preceding his time at The Ardour Company, Moriarty oversaw investment management for AT Industrial Co. where he helped develop six industrial buildings totaling 1.1 million square feet, worth $120 million in total.
“Since the pandemic, Las Vegas multifamily development has seen numbers surge to the highest point in more than a decade, all while experiencing a healthy occupancy rate,” said Moriarty. “With two professional sports teams and a favorable tax environment for businesses, economic development is expected to remain on an upward trajectory. 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.”
About The NRP Group
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing with a mission to create exceptional rental housing communities for individuals and families, regardless of income. Since its founding in 1994, NRP has developed more than 50,000 apartment homes and currently manages over 25,000 residential units.
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 provide 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, mixed-income, and senior housing.
The NRP Group is consistently ranked in the Top 10 largest developers and builders in the U.S. by the National Multifamily Housing Council and by Affordable Housing Finance. The NRP Group is a winner of the National Association of Home Builders Multifamily Pillars of the Industry award for “Builder of the Year,” and a four-time recipient of the same award for “Development Firm of the Year.” The NRP Group has become the top multifamily developer in the U.S. that creates both affordable and market-rate housing at a national scale. Based on its nearly 30 years of experience and expertise, NRP now provides construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.