Located at 722 Chancellor Avenue, the five-story mid-rise building will offer a mix of one-, two- and three-bedroom residential units with parking. The apartments will be reserved for residents earning 60 percent or less than the area median income. Five of the 56 units will be set aside for residents with special needs, who will receive supportive services from the YMCA of Greater Newark. The Urban League of Essex County will also provide social services to all residents of the community.
The NRP Group is developing the community in partnership with Adenah Bayoh, a local developer and entrepreneur who has been spearheading the redevelopment of Irvington General Hospital on Chancellor Avenue. Bayoh manages an extensive real estate portfolio, consisting of multiple multifamily homes and apartment buildings throughout Irvington, Newark and northern New Jersey.
“With NRP’s mission to provide exceptional housing for people regardless of income, we’re looking forward to helping fulfill the significant demand for affordable options within the Irvington community,” said J. David Heller, Principal, President and Chief Executive Officer at The NRP Group. “By working in tandem with the Township and Adenah, this project will encourage the growth of, and investment in Irvington, while also enabling working families to continue contributing to its strong sense of community and sharing in the fruit of its resurgent economic prosperity.”
The property will create new construction and property management jobs, and improve the streetscape of the corner of Chancellor and Union avenues, two major Irvington roadways. A New Jersey Transit bus stop will be conveniently located directly outside of the community; access to the Garden State Parkway is only minutes away, providing a gateway to New York City and other neighboring metros. The building will be situated in a designated Redevelopment Area, Urban Enterprise Zone (UEZ) and Smart Growth Area.
Residents of the community will be able to enjoy Energy Star certified, modernly designed units equipped with a wide array of amenities including central heating and air conditioning, luxury vinyl flooring, energy efficient refrigerators, stovetops, ovens, and dishwashers, as well as high-speed internet access and intercoms. They will also have access to free on-site parking, a beautifully designed community center for programmed activities, fitness center, children’s playroom, computer room, laundry facilities and an on-site management/leasing office.
“This redevelopment initiative was born from my larger vision to revitalize marginalized communities and provide impactful projects to the township of Irvington,” said Adenah Bayoh of Adenah Bayoh and Companies. “This project is continuing my passion for providing best in class affordable housing to individuals and families at every and all income levels and fulfilling the needs of the community. The NRP Group was a natural choice as a development partner for this project given their unprecedented level of expertise and experience with affordable housing. I look forward to doing more projects like this in the future.”
Financing partners include the New Jersey Housing Mortgage Finance Agency, JPMorgan Chase Bank, Hudson Housing, The Township of Irvington and Greater Newark LISC. In addition, the Irvington Housing Authority is providing five project based vouchers.
Leasing will begin in June 2022, with final completion scheduled for November of 2022.
About The NRP Group
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing. Since its founding in 1994, NRP has developed more than 43,000 apartment homes, and currently manages over 23,000 residential units. The company employs the entire breadth of its in-house capability 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 expertise by also providing construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com
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SOURCE The NRP Group