The Daily Dig
The NRP Group has broken ground on phase one of a 675-unit mixed income multifamily redevelopment at the former Anita Ferrales Coy school site in Austin. Phase one delivers 341 units across two multi-story buildings on the 18-acre site at 4812 Gonzales St., with lease-up targeted for fall 2027.
Austin ISD is leasing the land to NRP under a long-term ground lease, keeping the property on the district's books while the housing project moves forward. Half the units will be income-restricted: 10 percent for households at 60% AMI and 40 percent at 80% AMI, with the remainder at market rate. The site includes a parking garage, publicly accessible green space with preserved heritage trees, walking paths, and local art installations, plus resident amenities including a pool, coworking lounge, and fitness center. Clarion Partners is the equity partner. Goldman Sachs Alternatives' Urban Investment Group is providing the construction loan.
Project Snapshot:
Owner / Ground Lessor: Austin Independent School District
Developer: The NRP Group
Equity Partner: Clarion Partners
Construction Lender: Urban Investment Group at Goldman Sachs Alternatives
Sector: Mixed income multifamily housing
Location: 4812 Gonzales St., Austin, Texas
Site Size: 18 acres
Total Scope: 675 units (341 units in Phase 1)
Building Configuration: Two multi-story buildings (Phase 1)
Unit Mix: One, two, and three-bedroom apartments
Affordability Mix: 50% income-restricted (10% at 60% AMI; 40% at 80% AMI)
Major Features: Parking garage, public green space, preserved heritage trees
Timeline: Lease-up for Phase 1 expected fall 2027
TheJobWalk Thoughts
Ground leases on public school land are rare, and the structure matters for how this job gets built and paid. The land never transfers, so the lender's collateral position is weaker than a standard deal, which typically means tighter draw schedules and less flexibility for the GC when change orders arise. Two-tier affordability compliance at 60% and 80% AMI means the closeout package will be extensive, with unit-level inspections and income certification requirements tied directly to the delivery schedule. Phase 2 breaks ground later this year, so subs and suppliers who perform on Phase 1 are well positioned to carry that relationship forward. Fall 2027 lease-up puts substantial completion in mid-2027. That is not a soft date.
