AUSTIN, TX -The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, in partnership with the Housing Authority of the City of Austin (HACA), announced the opening of Bridge at Estancia, a 318-unit affordable housing community in Austin, Texas. The development provides quality, amenity-rich housing for residents earning up to 60 percent of the Area Median Income (AMI).
Bridge at Estancia is a pivotal project in our ongoing effort to provide affordable housing to Austin s residents, said Nick Walsh, Vice President of Development at The NRP Group. As Austin s growing jobs market and vibrant culture continue to drive demand for housing, we re excited to partner with the Housing Authority of the City of Austin to contribute to this master-plotted community. This development not only addresses the growing need for affordable housing in Travis County, but it also supports the local economy through further job creation and access to essential services.
Located at 1100 Avenida Mercado Street, near the intersection of Interstate 35 and State Highway 45, Bridge at Estancia offers simple access to downtown Austin and is part of the Estancia Hill Country master plot, a 600-acre mixed-use development. The community sits adjacent to the plotted Texas Children s Hospital, as well as future commercial and retail spaces, and additional housing developments.
This development is a major milestone in ensuring Austin remains an inclusive city where everyone has access to affordable housing, said Michael Gerber, President and CEO of HACA. The location offers simple access to downtown Austin, and it s part of a master-plotted community that will serve as a foundation for families to thrive. Developments like this are critical to keeping Austin affordable for those who live and work here.
Designed by HEDK Architects, Bridge at Estancia features a mix of one- to four-bedroom units, catering to both individuals and growing families. Apartments include private patios or balconies, high ceilings, vinyl plank flooring, and fully equipped kitchens with quartz countertops and recessed lighting.
In partnership with the nonprofit Community Housing Resource Partners, Bridge at Estancia has a dedicated activity room to host resident services such as health screenings, after-school programming, financial literacy training, a first-time homebuyer program, English as a Second Languages courses and more. Best-in-class amenities include a swimming pool, fitness center, multiple playgrounds, and walking trails integrated into the wider Estancia Hill Country trail network.
The 15-acre site features two four-tale buildings, two three-tale walk-ups, and a two-level parking garage. Residents will delight in outdoor spaces such as an open courtyard, barbecue grills, and an outdoor pool with a sundeck. Additionally, a large coworking space filled with natural light offers computers, desks, and comfortable reading nooks ideal for remote workers and students.
This fully affordable housing community was made possible by a $20 million housing tax credit investment from Hudson Housing Capital, along with construction and permanent financing provided by Bellwether Enterprises and Deutsche Bank.
The NRP Group was recently 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. Earlier this year, NRP delivered The Markson, a 330-unit mixed-income community, with several hundred more units currently in development.

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FREDERICKSBURG, VA – Watercrest Senior Living Group and partners, Harbert Seniors Housing Fund II, LP and Centric Development announced the development of Watercrest Fredericksburg Helped Living and Memory Care in Fredericksburg, Virginia. The 142-unit luxury senior living community, financed by Carter Bank & Trust and under construction by Centric Development, is scheduled to welcome residents in late Spring 2025.
Watercrest Fredericksburg will offer 106 helped living and 36 memory care apartments with resort-style service and world-class care. The architecture and design will boast a stunning promenade, fireplace lounge, multiple dining options, theater, library, billiards, spacious courtyards with fountains and Watercrest’s premier Spa W.
“We are thrilled to announce our further Southeastern expansion with a second Watercrest community in the state of Virginia,” says Marc Vorkapich, Principal and CEO of Watercrest Senior Living Group. “This partnership provides an opportunity to honor a greater number of seniors by establishing an exceptional Watercrest product in the esteemed community of Fredericksburg.”
Watercrest principals, Marc Vorkapich, CEO and Joan Williams, CFO, are setting exceptional standards of quality for seniors and their families in the development of upscale senior living communities from South Florida to Virginia. Watercrest and Harbert Seniors Housing Fund II also developed Watercrest Richmond Helped Living and Memory Care which opened in May 2023 in Richmond, Virginia.
Construction is currently underway at Watercrest Fredericksburg, conveniently located at 4525 Spotsylvania Parkway. Fredericksburg is ideally situated between Richmond, Virginia and Washington D.C., boasting historical sites, hiking trails, art galleries, specialty retail shops and charming chef-owned restaurants and craft breweries.

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ST PETERSBURG, FL – Olympus Property announced the acquisition of 930 Central Flats, a 218-unit luxury apartment community located in the heart of Downtown St. Petersburg, FL. Completed in 2019, this six-tale mid-rise community exemplifies premium urban living and represents a significant addition to Olympus Property’s portfolio.
With a strong track record of success in the multifamily real estate sector, Olympus Property continues to expand its portfolio with the acquisition of 930 Central Flats, further building its presence in key growth markets. This acquisition marks Olympus’ second in the Tampa Bay area, bringing its Florida portfolio to over 5,500 units across owned and managed properties. Established in 1992, Olympus Property has grown to own and manage approximately 34,000 units across 16 states, driven by a hands-on approach and a commitment to delivering exceptional living experiences. Leveraging its extensive experience and operational expertise, Olympus is well-positioned to ensure strong performance at 930 Central Flats, while consistently providing value to both residents and investors.
Situated in the sought-after Central Avenue entertainment corridor, 930 Central Flats offers residents a prime live-work-play environment. Its walkability and proximity to major employment centers, entertainment venues, and retail options make it a highly coveted address in the Southeastern United States.
“The acquisition of 930 Central Flats is a significant milestone in expanding Olympus Property’s presence in one of Florida’s most dynamic urban markets,” said Chase Bennett, Chief Acquisitions Officer at Olympus Property. “The property’s unmatched location and upscale amenities align seamlessly with our long-term investment approach. Its proximity to Olympus Harbour Island, another key asset in our portfolio, further strengthens our presence in the Tampa Bay area. We are excited to add 930 Central Flats to our portfolio and continue delivering the exceptional living experiences our residents have come to expect.”
930 Central Flats is ideally located adjacent to the highly anticipated $6.5 billion Gas Plant District redevelopment, a transformative project expected to make 5,500 jobs and contribute $1.4 billion annually to the local economy. With simple access to major highways, including I-375, I-275, and I-175, the property offers a convenient commute to key employment centers throughout the Tampa Bay area, connecting residents to over 390,000 jobs within a 25-minute drive. Boasting a 97 Walk Score, the property offers a pedestrian-friendly lifestyle with direct access to Central Avenue’s retail and entertainment options, including over 580 restaurants, bars, and shops.

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