LAS VEGAS, NV – The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, announced the financial closing and upcoming groundbreaking of a 105-unit affordable housing community in North Las Vegas. The new development, named North & Valley, is reserved for residents earning between 50% and 60% of the Area Median Income (AMI). It is located at the Southwest corner of Pecos and Rome in Clark County, adjacent to a 135-acre site designated by the City of Las Vegas as a medical office campus and job center.
The development site spans five acres and will comprise two, four-tale buildings with a mix of one-, two-, and three-bedroom residences. The new community will help address a critical housing gap in North Las Vegas as one of the few affordable housing projects in the area designed to meet the needs of working professionals and growing families. The community will offer resort-style amenities.
Las Vegas is one of the fastest-growing regions in the country, yet housing supply hasn t kept up with demand, especially for working families, said The NRP Group Vice President of Development Mike Moriarty. This project marks NRP s first affordable housing development in Las Vegas, and we re proud to bring our 30 years of experience making high-quality communities to the region. As Las Vegas continues to experience explosive population growth and a deepening housing crisis, we re committed to being part of the long-term solution.
Located at 6555 N. Pecos Road, the development offers convenient access to Southern Nevada RTC s Downtown & Veterans Medical Center Express, with bus stops within a 10-minute walk providing rapid service to downtown and the VA campus.
Defying traditional standards for affordable housing, North & Valley is designed to mirror the aesthetic and amenity offerings comparable to The NRP Group s market-rate communities. Amenities will include a resort-style swimming pool, a rooftop terrace lounge on the fourth floor with ample seating and scenic views, and a vibrant outdoor playground. The architecture and site plot were designed with both comfort and community in mind, making an environment that promotes health, connection, and a sense of well-being.
Within each home, residents will delight in in-unit finishes such as stainless steel appliances, quartz countertops, designer cabinetry, wood-style flooring, and connections for washer and dryer setup. The NRP Group is also exploring opportunities to offer dedicated resident services and programming at the property, including a potential partnership with the nearby VA Hospital located just a half-mile away to build a pipeline of support for veterans.
Las Vegas remains a priority market for The NRP Group. The firm recently broke ground on Miraluna alongside development partner Rockefeller Group. The Class-A, 342-unit apartment community is located near the Southern Highlands Master-Plotted Community. By year-end, the firm will have broken ground on nearly 1,200 units across four developments in the Las Vegas market. The NRP Group has developed more than 62,000 apartment homes since 1994 and currently manages over 30,000 residential units across the U.S.
Financing for North & Valley apartments includes tax credit equity from US Bank, a construction-to-permanent loan from Deutsche Bank, as well as Growing Affordable Housing Program funds from the Nevada Housing Division, Clark County HOME and CHF funds, and City of North Las Vegas HOME funds.

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PORTLAND, OR – Guardian, a Pacific Northwest leader in multifamily operations, development, and investment, announced the closing of a landmark $497 million portfolio acquisition spanning Oregon and New Mexico.
The acquisition represents Guardian s largest single transaction to date and one of the largest in the United States for 2025. In total, 15 properties and 3,050 units were bought, all built after 2000, characterized by historically high occupancy and low turnover. Each property in the portfolio is a post-15 LIHTC community at risk of conversion to market rate. The profile perfectly matches Guardian s mission to preserve affordability for the long term. Demonstrating that commitment, Guardian will voluntarily convert a part of existing market-rate units to 60% AMI, further strengthening affordability for working families.
This transaction represents a pivotal moment for Guardian as we advance our mission to preserve and expand quality affordable housing,” said Tom Brenneke, President, Guardian. “Partnering with NEF allows us to safeguard thousands of homes while expanding our footprint into New Mexico and deepening our presence in Oregon. Together, we are proving that large-scale preservation can be both financially sound and rooted in community well-being.
Guardian completed the transaction in two separate phases. The first phase included two Portland-area properties totaling 310 apartment homes, completed with institutional capital partner AEW. The second phase included 13 properties and 2,740 units throughout the Portland, Oregon and Albuquerque, New Mexico metro regions in a venture with NEF and JPMorgan Chase. Working closely with state regulatory agencies, Guardian secured approvals of ownership transfers under an accelerated timeline, ensuring long-term stability for residents.
At NEF, we remain committed to connecting people, providing innovative capital solutions and investing in brighter futures, said Daryl Shore, senior vice president of structured finance at National Equity Fund. Our integrity and stability as an organization stem directly from developing deep, meaningful relationships with our partners, which allows us to push boundaries and engage across every aspect of the multifamily affordable housing space through a mission-oriented, socially impactful approach.
The investment significantly expands Guardian s footprint while solidifying its presence in Oregon and establishing a meaningful entry into New Mexico. The properties bought will remain affordable for current and future residents, reinforcing Guardian s mission as a steward of long-term housing preservation.
Guardian has always believed that stability in housing makes stability in lives, said Brenneke. This acquisition represents the type of large-scale, mission-driven investment we will continue to pursue in partnership with like-minded organizations, ensuring families across the Northwest and Southwest have access to safe, stable, affordable homes.

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HOUSTON, TX – Sixth Street Real Estate and Madera Residential announced the formation of a new joint venture focused on multifamily properties throughout Texas and the Southeast, which was initiated with the recapitalization of a six-property, 1,967-unit, Class A portfolio located in Houston, Texas (the Seed Portfolio ).
The Seed Portfolio encompasses six multifamily communities strategically positioned across Houston. The portfolio includes Domain at CityCentre, The Lofts at CityCentre, La Maison River Oaks, Chelsea Museum District, Vantage Med Center and The Montrose at Buffalo Bayou.
We are excited to partner with the Madera Residential team to identify and buy high-quality assets in high growth markets at a discount to underlying replacement cost and positioning them for long-term growth said Adam Rapport at Sixth Street.
The partnership between Madera Residential and Sixth Street marks a strategic shift for Madera, expanding beyond its traditional network of high-net-worth investors to also include institutional joint venture partners.
The combination of our local expertise with Sixth Street s institutional backing makes a compelling partnership poised to capitalize on the region s strong fundamentals and we look forward to continued collaboration , said James Kane at Madera Residential.
KingsRock Advisors, CommerceStreet Capital Dallas, and CBRE Debt and Structured Finance Dallas served as Madera Residential s advisors on the recapitalization of the portfolio and formation of the Joint Venture. Kirkland and Ellis served as legal counsel to Madera and Latham & Watkins represented Sixth Street.

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