IRVINGTON, N.J.--(BUSINESS WIRE)--Mayor Tony Vauss joined developer Adenah Bayoh and The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, for a ribbon-cutting ceremony to celebrate the grand opening of a 56-unit affordable apartment community in Irvington, New Jersey.
“This project has done wonders for the community. This is just another testament to the great work Adenah and the team have done for Irvington,” said Mayor of Irvington, Tony Vauss. “When we look at these projects from start to finish, we can only imagine all the residents who are going to enjoy the benefits of living in a brand new, affordable community.”
The five-story, 56-unit mid-rise building offers a mix of one-, two- and three-bedroom residential units with parking for residents earning at or below 60 percent of the area median income. Five of the units are reserved for residents with special needs, who receive supportive services from the YMCA of Greater Newark.
The community, located at 722 Chancellor Avenue, was developed through a partnership between The NRP Group and Adenah Bayoh, a real estate developer and entrepreneur who manages a portfolio consisting of multifamily assets and fast-casual dining restaurants in New Jersey and Brooklyn, New York.
“This project is truly rooted in the Irvington community, and it is a privilege for The NRP Group to be a part of it,” said Jonathan Gertman, senior vice president of development at The NRP Group. “By working alongside a local developer like Adenah Bayoh, who is committed to reinvigorating the city’s neighborhoods with affordable places for its residents to call home, we were able to tailor this apartment community to the needs of local families, regardless of income. Developments like 722 Chancellor in cities like Irvington are worth investing in to ensure a prosperous economic future for neighborhoods that have been historically underserved.”
The building is located on two major Irvington roadways, Chancellor and Union Avenues. A New Jersey Transit bus stop is located directly outside 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 is in a designated Redevelopment Area, Urban Enterprise Zone (UEZ) and Smart Growth Area.
Residents of 722 Chancellor will 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. The beautifully designed community center, named in honor of Irvington councilmember Sandra Jones, will feature an Irvington themed mural to capture the spirit of the city and offer space for programmed community activities. The community also includes a fitness center, a children's playroom, a computer room, laundry facilities and an on-site management/leasing office.
“Growing up in affordable housing in this community myself, I was able to identify the specific needs that residents would require from an apartment home like this,” said Adenah Bayoh, Founder of Adenah Bayoh & Companies. “By partnering with The NRP Group, I knew that 722 Chancellor would provide high-quality housing that is not readily available to Irvington residents of all income levels.”
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.
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 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, 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 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.