The NRP Group and the Austin Independent School District (AISD) have closed financing and started construction on the first phase of the Anita Ferrales Coy school-to-housing redevelopment. The partnership marks the formal launch of a planned 675-unit mixed-income multifamily community on a former school site. Goldman Sachs Alternatives is providing $60 million in project financing to support the venture.
The development will be delivered in two phases. Phase 1 is set to include 341 residential units, with work now underway following the financial closing and groundbreaking. Phase 2 is planned to add another 334 units, with construction expected to begin later this year. Together, the phases will bring a total of 675 multifamily units to the site.
The project is located at 4812 Gonzales St. on an 18-acre parcel. The community will feature one-, two- and three-bedroom residences, with a program specifically aimed at serving AISD teachers, staff and families along with other residents. Half of the units will be both rent- and income-restricted, positioning the property as a mixed-income offering rather than a fully market-rate community.
Planned amenities at the property include a swimming pool, co-working lounge, fitness center, structured parking in a garage, and shared outdoor gathering areas. These features are intended to support both everyday living and communal activities for residents across income bands and household types.
The land is being provided under a long-term ground lease structure, with AISD leasing the site to The NRP Group. Under this arrangement, the school district retains long-term control of the underlying land while enabling NRP to develop and operate the multifamily community. The combination of ground lease, institutional project financing and income-restricted units reflects a collaborative approach to addressing housing needs linked to the local school district.
