News Summary
Cleveland-based NRP Group is set to expand into Southern Nevada, planning to build two major housing complexes to address the region’s affordable housing shortage. The developments include a 342-unit rental complex named Miraluna and a 390-unit upscale project, both aimed at improving the local housing market. The company also plans a 105-unit affordable housing complex in North Las Vegas, targeting low-income residents. These projects represent a significant effort to close the housing gap in the area, with construction expected to support approximately 1,200 units.
Las Vegas—Cleveland-based NRP Group has announced its expansion into Southern Nevada with plans for two significant housing developments aimed at addressing the region’s affordable housing shortage. The company will construct a 342-unit rental complex called Miraluna and a 390-unit upscale project, both of which are expected to significantly contribute to the local housing market.
The Miraluna complex is set to span 13 acres on Silverado Ranch Boulevard, just west of Interstate 15, and is scheduled to be ready for occupancy in the first quarter of 2026. Meanwhile, NRP Group is preparing to break ground on the 390-unit upscale project between Durango Drive and Cimarron Road this month. In addition, the company has plans for a 105-unit affordable housing complex on Pecos Road, just north of Centennial Parkway in North Las Vegas, with groundbreaking anticipated soon.
The upscale project will feature high-end finishes and a range of amenities, including indoor bicycle storage with a repair station and an indoor pet wash. Rental prices for units in this upscale development are expected to range from $2.50 to $2.60 per square foot. In contrast, rental rates for the under-construction Miraluna complex are projected to be around $2.15 to $2.20 per square foot.
NRP Group’s new developments come amid a critical housing gap in Nevada, particularly affecting extremely low-income tenants. Current estimates suggest a shortage of nearly 78,000 affordable rental homes in the state. The North Las Vegas project, a partnership with Rockefeller Group, is designed to cater to lower-income residents, with 105 units targeted for individuals and families earning between 50-60% of the area median income.
The average annual income for residents in North Las Vegas is approximately $75,459. The North & Valley development will consist of two four-story buildings comprising a mix of one, two, and three-bedroom units complemented by amenities such as a resort-style pool and a rooftop terrace with scenic views.
Funding for the North & Valley project includes various sources, such as tax credit equity from US Bank and loans from Deutsche Bank. This development, along with the Miraluna and upscale projects, reflects NRP Group’s commitment to enhancing the housing landscape in Southern Nevada.
By the end of 2023, NRP Group plans to have initiated construction on approximately 1,200 units across four developments in the Las Vegas market, reinforcing its strategy to provide diverse housing options and combat the ongoing housing crisis.
The expansion marks an important step for NRP Group as it looks to make a tangible impact on the community by increasing the availability of both affordable and upscale housing options in a thriving region.
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Additional Resources
- Rebusiness Online: NRP Group Breaks Ground on Affordable Housing
- Encyclopedia Britannica: Affordable Housing
- 8 News Now: Las Vegas Neighborhood Vote on Affordable Housing
- Google Search: Affordable Housing in Las Vegas
- KTNV: Affordable Housing Development in Las Vegas
- Google News: Affordable Housing Las Vegas
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LAS VEGAS STAFF WRITER The LAS VEGAS STAFF WRITER represents the experienced team at HERELasVegas.com, your go-to source for actionable local news and information in Las Vegas, Clark County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Electric Daisy Carnival, World Series of Poker, and Consumer Electronics Show. Our coverage extends to key organizations like the Las Vegas Chamber of Commerce and Three Square Food Bank, plus leading businesses in hospitality and entertainment that power the local economy such as MGM Resorts International, Caesars Entertainment, and Las Vegas Sands. As part of the broader HERE network, we provide comprehensive, credible insights into Nevada's dynamic landscape.
