The NRP Group, Austin ISD Break Ground on Landmark School‑to‑Housing Redevelopment in East Austin

The multi‑phased project begins with 341 units already under construction, transforming the former Anita Ferrales Coy school site into mixed‑income housing for cost‑burdened residents and AISD employees

The NRP Group, a vertically integrated, best-in-class 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. The 675-unit, amenity-rich community will break ground in two phases: Phase 1 will comprise the first 341 units, while Phase 2 will launch construction of an additional 334 units, estimated to break ground late this year. The landmark mixed-income community will help address Austin's escalating housing affordability crisis, and is strategically designed to expand quality housing options for cost‑burdened residents and essential workers, including AISD teachers, bus drivers and staff.

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Anita Coy Groundbreaking (Photo Credit: The NRP Group) (L-R) Jason Glasser, Portfolio Manager and Managing Director, Clarion Partners; Vincent Tovar, PFC Board Member; Nick Walsh, VP of Development, NRP Group; Lulu Flores, State Representative, District 51; Asahi Pompey, Global Head of Office of Corporate Engagement and Chair of Urban Investment Group, Goldman Sachs; Jose Velasquez, Councilmember District 3, City of Austin; Matias Segura, Superintendent, Austin ISD; Trustee Candace Hunter, President of the PFC; Dr. Kevin Foster, District 3, Austin ISD Board of Trustees

This project reinforces The NRP Group's commitment to delivering exceptional rental opportunities for individuals and families across the U.S., regardless of income. Repurposing underutilized land through innovative public‑private partnerships has long been part of NRP's strategy for expanding housing supply in high‑demand markets. Financial partners for Phase 1 of the Anita Ferrales Coy redevelopment include private equity capital from leading real estate investor Clarion Partners and construction lending provided by the Urban Investment Group at Goldman Sachs Alternatives.

"Austin ISD educators and staff are facing 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 AISD employees identify as cost‑burdened, and our district has seen the impact on our ability to attract and retain talent. The Anita Coy redevelopment represents a bold, unique solution that will bring stability and wellbeing to the entire district, and serves as a blueprint for how school districts can use their physical assets to invest in their teams and uplift neighboring communities moving forward."

Located at 4812 Gonzales St., the 18-acre site will comprise two multi-story buildings featuring one-, two- and three-bedroom residences designed for working professionals and growing families. Fifty percent of the units will be rent and income‑restricted: 10% for households earning up to 60% of Area Median Income (AMI) and 40% for households earning up to 80% AMI, with the remaining 50% offered at market rates. Under a long-term ground lease agreement, AISD is leasing the land to The NRP Group, creating a sustainable revenue stream for the district while facilitating the rent and income-restricted units. The site is located within a federally designated Opportunity Zone, a program established by the Tax Cuts and Jobs Act of 2017 to encourage investment in historically underserved communities.

Each residence will include quartz countertops, stainless steel appliances, modern cabinetry and high-end finishes. Residents of the property will also enjoy a robust amenities package, including a resort-style pool, co-working lounge, fitness center, parking garage and shared outdoor gathering spaces. The development will also include a publicly accessible green space with preserved heritage trees, along with walking paths, murals and installations contributed by local artists.

"This site has served children for generations, and now we have the opportunity to support the families who keep Austin running," said Nick Walsh, Vice President of Development at The NRP Group. "Across the city, cost‑burdened residents, including those who educate our children, staff our schools, run our transit systems, and keep our retail and service economy moving, are being priced out of Austin's housing market. This mixed-income community is designed to provide a high‑quality, attainable housing option for the workforce that forms the backbone of this city, and to support AISD teachers, staff, and families who deserve the opportunity to live in the communities they serve."

"As a native East Austinite, I applaud this milestone project and partnership between AISD and The NRP Group. I value the commitment to placekeeping and recognition of the importance of cultural preservation and representation in the design of this new housing development," said José Velásquez, Austin City Council Member, District 3.

"This project demonstrates how institutional capital can align with public interests to drive meaningful, long-term community outcomes," said Jason Glasser, Portfolio Manager and Managing Director at Clarion Partners. "We are pleased to make a sustained commitment to the neighborhood, supporting mixed-income housing, local job creation and improvements that will benefit the area well into the future."

"Goldman Sachs' commitment to the Anita Ferrales Coy redevelopment is about directing capital where it can create tangible, lasting impact for Austin's workforce," said Asahi Pompey, Chair of the Urban Investment Group at Goldman Sachs. "This site once educated Austin's children, and this investment ensures it will continue to serve them by providing quality workforce housing that keeps educators, first responders, and essential workers rooted in the communities they strengthen every day."

The Urban Investment Group at Goldman Sachs Alternatives committed over $60 million to the project. Since 2001, the Urban Investment Group has committed over $20 billion to community and economic development projects that catalyze growth and revitalize communities across the country. UIG has worked in Texas for over a decade, and the Anita Ferrales Coy development exemplifies the role of affordable housing – particularly for essential workers like educators – in fostering stability for families and creating sustainable, long-term impact.

The NRP Group is ranked among the top three multifamily developers by the Austin Business Journal, with more than 7,500 apartment homes across 25 developments in the Austin area, with several hundred more units currently in development.

Construction of the first phase is already underway, with lease-up of the first units to begin in the fall of 2027. The second phase will break ground later this year. AISD teachers and staff will receive priority leasing through a Preferred Employer Program, though the community is not exclusive to district employees.

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 62,000 apartment homes and currently manages over 30,000 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 has been consistently named a largest developer and builder in the U.S. on the NMHC "Top 50" lists, the Top 5 on the Multi-Housing News' "Top Multifamily Developers" list, named a Top Affordable Housing Developer by Affordable Housing Finance, and has won three NAHB Pillar awards since 2020 for Development, Construction and Ones to Watch. 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 over 30 years of experience and expertise, NRP provides construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.

About Clarion Partners

Clarion Partners, LLC, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 40 years. Headquartered in New York, the Firm maintains strategically located offices across the United States and Europe. With over $73 billion in total real estate and debt assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum. The firm is currently invested in over 170 properties located in Opportunity Zones. Clarion Partners is an independently operated specialist investment manager of Franklin Templeton. More information about the firm is available at www.clarionpartners.com.

About the Urban Investment Group (UIG) at Goldman Sachs Alternatives

Goldman Sachs (NYSE:GS) is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.

The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world's leading institutions, financial advisors and individuals. Goldman Sachs has approximately $3.2 trillion in assets under supervision globally as of March 31, 2025.

Established in 2001, the Urban Investment Group within Goldman Sachs Asset Management has committed over $20 billion through real estate projects, social enterprises and lending facilities for small businesses and students, creating economic value and opportunities for underserved communities and families.

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