LAS VEGAS, NV - The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, announced the financial closing and upcoming groundbreaking of a 105-unit affordable housing community in North Las Vegas. The new development, named North & Valley, is reserved for residents earning between 50% and 60% of the Area Median Income (AMI). It is located at the Southwest corner of Pecos and Rome in Clark County, adjacent to a 135-acre site designated by the City of Las Vegas as a medical office campus and job center.
The development site spans five acres and will comprise two, four-story buildings with a mix of one-, two-, and three-bedroom residences. The new community will help address a critical housing gap in North Las Vegas as one of the few affordable housing projects in the area designed to meet the needs of working professionals and growing families. The community will offer resort-style amenities.
“Las Vegas is one of the fastest-growing regions in the country, yet housing supply hasn’t kept up with demand, especially for working families,” said The NRP Group Vice President of Development Mike Moriarty. “This project marks NRP’s first affordable housing development in Las Vegas, and we’re proud to bring our 30 years of experience creating high-quality communities to the region. As Las Vegas continues to experience explosive population growth and a deepening housing crisis, we’re committed to being part of the long-term solution.”
Located at 6555 N. Pecos Road, the development offers convenient access to Southern Nevada RTC’s Downtown & Veterans Medical Center Express, with bus stops within a 10-minute walk providing rapid service to downtown and the VA campus.
Defying traditional standards for affordable housing, North & Valley is designed to mirror the aesthetic and amenity offerings comparable to The NRP Group’s market-rate communities. Amenities will include a resort-style swimming pool, a rooftop terrace lounge on the fourth floor with ample seating and scenic views, and a vibrant outdoor playground. The architecture and site plan were designed with both comfort and community in mind, creating an environment that promotes health, connection, and a sense of well-being.
Within each home, residents will enjoy in-unit finishes such as stainless steel appliances, quartz countertops, designer cabinetry, wood-style flooring, and connections for washer and dryer setup. The NRP Group is also exploring opportunities to offer dedicated resident services and programming at the property, including a potential partnership with the nearby VA Hospital located just a half-mile away to build a pipeline of support for veterans.
Las Vegas remains a priority market for The NRP Group. The firm recently broke ground on Miraluna alongside development partner Rockefeller Group. The Class-A, 342-unit apartment community is located near the Southern Highlands Master-Planned Community. By year-end, the firm will have broken ground on nearly 1,200 units across four developments in the Las Vegas market. The NRP Group has developed more than 62,000 apartment homes since 1994 and currently manages over 30,000 residential units across the U.S.
Financing for North & Valley apartments includes tax credit equity from US Bank, a construction-to-permanent loan from Deutsche Bank, as well as Growing Affordable Housing Program funds from the Nevada Housing Division, Clark County HOME and CHF funds, and City of North Las Vegas HOME funds.