The NRP Group Breaks Ground on 88-Unit Affordable Housing Development, Alora Lofts, Near Orlando, Florida

New deeply affordable community will expand high-quality housing options for residents earning between 30-70% AMI in one of Central Florida’s fastest-growing, supply-constrained markets

ORLANDO, Fla.--(BUSINESS WIRE)--The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, today announced the financial closing and groundbreaking of Alora Lofts, an 88-unit affordable housing community in Kissimmee, Florida, 18 miles south of Orlando. The development will provide high-quality, accessible housing for individuals and families earning between 30% and 70% of the Area Median Income (AMI).

“Alora Lofts represents an important step in The NRP Group’s broader affordable housing strategy in Florida at a time where the region is experiencing unprecedented population growth and housing affordability challenges,” said Bill Zunamon, Vice President of Development at The NRP Group. “What excites us most about this project is the opportunity to bring much-needed affordable housing to a well-located, high-demand neighborhood without compromising on design, quality or residents’ overall experience. This is our first affordable housing project in Florida in over a decade, and we are proud to partner with the city to deliver critical housing for the residents of Kissimmee for generations to come.”

Alora Lofts is a single, four-story building located on a 4.49-acre site, and features a mix of one-to three-bedroom apartments designed to accommodate families of varying sizes. Strategically located at 1300 Windsor Drive along the John Young Parkway corridor, the development will offer residents convenient access to community amenities, public transit and employment centers throughout Central Florida.

The property is located less than one mile from multiple LYNX bus stops along North John Young Parkway, providing connections across Kissimmee and the greater Orlando region. Residents will also be close to everyday essentials, including Publix, Publix Pharmacy and Highland Elementary School, as well as nearby healthcare providers, retail destinations and major regional employers.

Designed by FK Architecture, Alora Lofts was thoughtfully planned to complement the surrounding neighborhood while introducing a modern, high-quality residential product to the area. The community reflects NRP's commitment to creating housing that meets residents' needs while enhancing the neighborhoods in which it builds. The project also emphasizes long-term resilience, including a concrete construction system designed to withstand Florida’s severe weather conditions and hurricane risk profile.

Residents will enjoy a robust amenities package designed to support wellness, recreation and community connection. Offerings include a fitness center, outdoor resort-style swimming pool, multipurpose room and community kitchen, outdoor grill area and tot lot.

“Alora Lofts is a great addition to Kissimmee’s housing landscape and an important investment in our city’s future,” said City of Kissimmee Mayor Jackie Espinosa. “Projects like this help support our community by expanding housing options, supporting our workforce, and creating more opportunities for residents and families to thrive. We appreciate The NRP Group’s commitment to bringing high-quality housing to our city and being a partner in our continued efforts to achieve intentional and sustainable growth."

Financial partners for the new development include the Florida Housing Finance Corporation, which provided housing tax credits, as well as tax-exempt bonds and Community Development Block Grant–Disaster Recovery (CDBG-DR) funding administered through the U.S. Department of Housing and Urban Development (HUD). Disaster recovery funding was made available through resources allocated in response to Hurricane Ian, helping advance the development of critically needed affordable housing in Central Florida. Additional financing partners include Truist and Grandbridge.

Central Florida remains a priority market for The NRP Group, and the firm’s latest expansion reflects strong confidence in the region’s long-term fundamentals. Since 1994, The NRP Group has developed more than 68,000 apartment homes nationwide and currently manages over 33,000 residential units across the U.S. In Florida, NRP owns and manages over 1,700 apartment homes statewide, including projects actively under construction. Following last year's groundbreaking of Adria and Maren, two market-rate luxury communities totaling 665 apartment homes and townhomes in Venice, Florida - Alora Lofts reflects The NRP Group's renewed commitment to addressing Florida's growing need for attainable housing.

Construction of Alora Lofts is already underway, with completion scheduled for December of 2027.

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 68,000 apartment homes and currently manages over 33,000 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 is a five-time recipient of NAHB’s Best Multifamily Development Firm of the Year award. 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.