DENTON, TEXAS — The NRP Group has broken ground on Arbor Ranch, a 297-unit affordable housing community in the Dallas suburb of Denton. The $149 million project is slated for completion in 2027. Arbor Ranch is being developed in partnership with the Denton Housing Authority in order to provide rental homes affordable to families earning between 30 and 70 percent of area median income. According to guidelines set by the U.S. Department of Housing and Urban Development, the median income for a family of four in the Dallas metro area is $117,300 for fiscal year 2025.
Arbor Ranch will include a mix of one- through four-bedroom floor plans across nine three-story buildings on a 22-acre site. Residents of Arbor Ranch will have access to an outdoor pool, a playground, barbecue and picnic areas, a children’s activity room and a community lounge. On-site resident services, including after-school programming, also will be provided.
Truist Bank provided financing for the project, which included a $68 million construction loan, $48 million in permanent financing through its wholly owned subsidiary, Grandbridge Real Estate Capital, and a $33 million Low-Income Housing Tax Credit equity investment. The permanent financing was secured through a forward rate lock under Freddie Mac’s Tax-Exempt Loan program.