FRISCO, CO – The NHP Foundation (NHPF), a leading national mission-based affordable housing developer, announced the successful financial closing of The Bella, a new 52-unit affordable housing community in Frisco, Colorado. The development represents NHPF’s first Low-Income Housing Tax Credit (LIHTC) project in Colorado and its second affordable housing community in Frisco, following The Scout, opening in September.
Located just blocks from The Scout, The Bella will provide high-quality affordable homes for low- and moderate-income individuals and families in one of Colorado’s most expensive mountain communities, where housing costs continue to challenge the local workforce and longtime residents.
The new construction community will include studio, one-bedroom and two-bedroom apartments serving households at 30%, 60% and 80% of Area Median Incomes (AMIs), with an average affordability of 60% AMI across the development. LIHTC rents are set each year based on the Area Median Income, which is published by SCHA.
“The closing represents another significant milestone in NHPF’s expanding presence in Colorado,” said Eric W. Price, President & CEO, NHPF. “Together, The Bella and nearby The Scout demonstrate how innovative state financing, strong municipal partnerships and mission-driven development can help address the affordable housing shortage facing mountain resort communities.”
The Bella will follow the federally regulated LIHTC compliance lease-up process, including income qualification based on the AMI level designated for each apartment.
“Projects like The Bella demonstrate what is possible when local, state and private partners come together around a shared commitment to housing affordability,” stated Frisco Mayor Rick Ihnken. “Frisco is a community where people should be able to live, work and place down roots, and making more attainable housing is essential to maintaining the strength and character of our community. We are proud to help bring 52 new affordable homes to Frisco and grateful to NHPF and our state partners for their collaboration in making this project a reality.”
The project was made possible through a strong public-private partnership with the Town of Frisco, whose long-term commitment to housing affordability was instrumental in bringing the development to fruition. In addition to serving as a special limited partner in the transaction, the Town contributed approximately $4.9 million in soft financing, provided a property tax abatement, secured a State of Colorado Proposition 123 Land Banking grant, facilitated two state infrastructure grants awarded by Colorado’s Department of Local Affairs, and committed funding to buy a small commercial space within the development upon completion.
“At the heart of DOLA’s mission is a simple, powerful promise: to ensure that the people who build our communities can afford to live in them. Projects like The Bella go beyond brick and mortar; they represent the State’s commitment to keeping Colorado’s families and local workers rooted in the towns where they work, live, and thrive—ensuring the stability and dignity every Coloradan deserves,” said Tyler Jaeckel, Director of the Colorado Department of Local Affairs’ Division of Housing.
The financing package for The Bella includes 9% Federal Low-Income Housing Tax Credits, Colorado State Low-Income Housing Tax Credits, construction financing from U.S. Bank, permanent financing from Cedar Rapids Bank & Trust, and grants from the Colorado Division of Housing.
“We are thrilled to support the future residents of The Bella by providing Proposition 123 Land Banking funds that helped secure this location for 54 new housing options. This initiative and the milestone being celebrated today showcase the shared commitment between local, regional and state partners to make more housing now, so Coloradans can live in communities they like and close to their jobs,” said Eve Lieberman, OEDIT Executive Director.
The Bella will offer modern, energy-efficient homes designed to serve working families, local employees and residents whose incomes have been increasingly squeezed by the region’s rapidly rising housing costs. Demolition started on August 25th and completion is anticipated in November 2027.
The project also reflects NHPF’s continued focus on developing high-quality affordable housing in markets where the gap between wages and housing costs threatens the long-term vitality of local communities.

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ATHENS, GA – CP Capital, a leading U.S. real estate manager specializing in multifamily investments, announced the acquisition of Ascent Athens, a 200-unit, Class A garden-style multifamily community located in Athens, Georgia, currently operating at 95% occupancy. The acquisition reflects CP Capital s strategy of turning insights into opportunities, which includes selective ground-up development allocations and the targeting of best-in-class multifamily assets at a discount to replacement cost in supply-constrained, demand-resilient submarkets.
The community is anchored by the University of Georgia, a 43,000-student institution with 11,500 faculty and staff that generates $8.4 billion in annual economic impact for the state, providing a degree of fiscal stability and durable demand. The investment also benefits from a diversifying local employment base and near-term supply constraints. Developed by Westplan in 2020, the fully-amenitized property offers residents a pool, fitness center, clubhouse, and business center.
Ascent Athens represents exactly the kind of opportunity we look for: the highest quality multifamily asset in the submarket, with no like-and-kind competition. The surrounding product consists predominantly of broke townhomes and older vintage, non-institutional multifamily with deferred maintenance and inferior finishes. As a newly built Class A community, Ascent is in a category of its own, giving it significant pricing power and the ability to attract the submarket’s most creditworthy renters. This lack of direct competition insulates the asset from heavy competitive pressure and supports rent growth assumptions throughout the hold, says Jay Remillard, Executive Managing Director at CP Capital. This acquisition allows us to enter a stable market at a compelling basis while positioning the property for meaningful value creation over our hold period.
CP Capital and its equity partners will season the asset into an institutionally managed, proven income-producing property positioned for a clean exit in the coming years. The investment also demonstrates the firm s dedication to tailoring its strategies to current market cycles. Distressed inventory is growing. Maturing loans and broke partnerships are making opportunities to buy high-quality assets below replacement cost, with equity built into the basis from day one, said Paul Doocy, Senior Managing Director at CP Capital.
The acquisition of Ascent Athens underscores our team s highly effective approach to multifamily investing. We re building a portfolio of well-located assets in supply-constrained markets with steady long-term fundamentals, all based on disciplined underwriting and strong conviction.

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COLUMBUS, OH – The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, announced the groundbreaking of Stone Ridge at High Street, a 150-unit affordable housing community located along South High Street in Columbus, Ohio. Developed in partnership with the City of Columbus and the Ohio Housing Finance Agency, the project will provide much-needed housing for working professionals and families earning up to 60% of the Area Median Income (AMI).
Stone Ridge at High Street is a direct investment in South Columbus and builds on nearly 15 years of work we ve done in the city, said Aaron Pechota, Executive Vice President of Development at The NRP Group. For years, this property sat vacant, despite its proximity to downtown Columbus and some of the city s strongest employment centers. Together with city officials and our financing partners, we are transforming a distressed site into a community that will provide stable, high-quality housing for families and working professionals while supporting the continued growth and revitalization of the South Side.
Stone Ridge at High Street will feature two five-tale buildings on a 4.5-acre site, each featuring a mix of one-, two-, three- and four-bedroom apartments designed to accommodate families of varying sizes.
Located at 45 W. Barthman Avenue, approximately one mile from downtown, the community provides ample public transit within the South High Street corridor, one of the city’s primary transportation arteries. The development offers proximity to ample shopping and dining destinations in downtown Columbus, and is located near job centers and major employers in German Village and the Brewery District. The Nationwide Children’s Hospital and the growing Southern Gateway district are just minutes away.
The community will be erected near the historic Hart Road Quarry, the last remaining vestige of the South Side s once-thriving network of limestone and gravel quarries. Today, the former industrial landmark has been transformed into a birding oasis for waterfowl, reflecting the broader evolution and continued reinvestment taking place throughout the neighborhood.
Public-private partnerships are essential to the success of the Columbus Housing Strategy, and Stone Ridge at High Street demonstrates what can be accomplished when city leaders, financial institutions and private developers work together with a shared vision to improve the lives of Columbus residents, said Columbus Mayor Andrew J. Ginther. As Columbus continues to grow and prosper, we are making significant investments to ensure that every neighborhood shares in that success. Projects like this are building on the strengths of neighborhoods that have historically seen too small investment while making affordable housing opportunities for working families.”
Designed with families in mind, Stone Ridge at High Street will offer a range of amenities that promote wellness, connection and safety. Residents will have access to a clubhouse and multipurpose community room with a kitchen for gatherings and events, as well as outdoor amenities including landscaped courtyards and a playground.
Development and financing partners include Huntington Bank, which provided debt and equity financing, along with support from the City of Columbus and the Ohio Housing Finance Agency.
We are proud to support Stone Ridge at High Street and help bring high-quality, affordable housing to the Southside of Columbus, making new opportunities for residents and contributing to the neighborhood s continued growth, said Andrew Hugger at Huntington Bank.
The development was financed by Deutsche Bank, which provided both construction and permanent financing for Stone Ridge at High Street.
Stone Ridge at High Street builds upon The NRP Group s commitment to Columbus and Central Ohio. Headquartered in Cleveland, the company has delivered transformative developments in Central Ohio, including Parsons Village Senior Apartments, the Residences at Career Gateway and most recently, The Lofton. Across Ohio, The NRP Group has developed more than 5,000 rental homes since 1994.
Construction of Stone Ridge at High Street is now underway, with completion scheduled for April 2028.

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