INDIANAPOLIS (July 7, 2023) – The Annex Group®, a leading impact housing developer that creates workforce, affordable and student housing communities, announces today plans to develop an affordable housing community in Waterloo, Iowa. Union at North Crossing will be a three-story garden style community consisting of five buildings that provide 180 one, two and three-bedroom apartments to households whose income level is at or below 60 percent of the area median income (AMI). The community will be located on 10 acres of land at 3330 East 4th Street, 50703.
The $37 million community is now under construction, with an expected opening in summer 2024. Union at North Crossing will feature ample amenities, including a clubhouse with a community room, fitness and business centers, and on-site leasing office. Site amenities include carport parking spaces, picnic area, playground, dog play area and walking path. Residents can enjoy in-unit washer and dryers and stainless-steel appliances.
“We believe this community will enhance the area and be a real benefit to the people of Waterloo,” said Kyle Bach, CEO of The Annex Group. “Multiple employers in and around Waterloo have announced hiring plans that can create a need for more housing, and we want to be part of the solution. This community will offer meaningful amenities, plenty of space and brand-new apartments to people looking for a new place to call home.”
The City of Waterloo showed strong support for the project coordinating alongside a much larger master development and providing several incentives. Consultants on this project included ASK Studio, Crockett Engineering, RQAW, and Summit LIHTC Consulting. The Annex Group is proud to continue its partnership with Iowa Finance Authority which issued the tax credit award and $25 million in tax exempt bonds. R4 Capital is investing $14.8 million in tax credit equity, and R4 Capital Funding, is providing $27.8 million construction and perm financing.
“Iowa is an important state for us and for me personally,” said Tom Tomaszewski, President of The Annex Group. “My grandfather, born in 1898, lived his entire life in Iowa, starting in a modest, one-room cabin without electricity. It’s with great pride that we continue to address the pressing need for affordable housing in this remarkable state.”
“RQAW is delighted to work on and achieve such high green standards for Union at North Crossing. Designing apartments with The Annex Group offers us an opportunity to develop an understanding of how the housing needs shift across the country,” said Victoria Templeton, AIA Multifamily Lead at RQAW|DCCM. “We appreciate the opportunity to work with the people of Waterloo, IA and IFA.” Union at North Crossing’s units will meet the National Green Building Standard bronze level with a high-efficiency furnace, low-flow toilets, kitchen faucets, showerheads and washing machines."
This is The Annex Group’s second community located in Iowa. Union at Wiley, an affordable housing community in Cedar Rapids, which opened earlier this year.
To learn more about The Annex Group, visit www.theannexgrp.com.
ABOUT THE ANNEX GROUP® The Annex Group® is a leading impact housing developer that creates workforce, affordable and student housing communities. With a focus on providing innovative, amenitized housing in emerging markets throughout the United States, The Annex Group is headquartered in Indianapolis, Indiana. To learn more about The Annex Group, visit www.theannexgrp.com or follow them on Facebook and LinkedIn.