INDIANAPOLIS (August 22, 2023) – The Annex Group®, a leading impact housing developer that creates workforce, affordable and student housing communities, announces an open house and ribbon cutting event at its newest affordable housing community, Union at Wiley. Union at Wiley, located at 4227 21st Ave. SW in Cedar Rapids, Iowa, features 180 units including one, two and three-bedroom options. The community targets people who earn up to 60 percent of the area median income (AMI).
“This is a community we’ve been really looking forward to seeing come to fruition, and we’re thrilled to now open its doors,” said Kyle Bach, CEO of The Annex Group. “Cedar Rapids residents are in need of more affordable housing, and we are very proud to be part of the solution that gives more people a place to call home with the opening of Union at Wiley.”
During the open house, guests can take a guided tour of one of the units available for rent, as well as the $31.85 million property’s ample amenities, including: clubhouse, playground and fitness center. Catering will be provided by Zs Catering and BBQ, which works to fill the educational gap of young people in Iowa who want to enter the food service industry. Food truck Willie Ray’s Q-Shack will also be provided by Quantum Fiber. The event will feature multiple, notable speakers, a ribbon cutting and networking opportunity for those attending with a shared passion for community development and affordable housing.
- What: Open house at Cedar Rapid’s newest affordable housing community, Union at Wiley
- When: Thursday, August 31 from 2 – 4 p.m. Where: 4227 21st Ave. SW, Cedar Rapids, Iowa, 52404
- Who: Union at Wiley partners, local officials, the community and the media
- Tom Tomaszewski, President of The Annex Group
- Tiffany O’Donnell, Mayor of Cedar Rapids
- Kim Reem, Regional Director, Senator Joni Ernst
- James Klein, President at Cedar Rapids Bank and Trust
- Rochelle Fuller, Regional Director, Senator Charles Grassley
“This property boasts a multitude of excellent amenities, and its location further amplifies its exceptionality," remarked Tom Tomaszewski, President of The Annex Group. "Situated within a mile are three of the region's top 20 employers; this offers a convenient advantage to local residents, potentially affording them additional time to enjoy life and the pursuit of happiness beyond their work commitments. Moreover, the proximity to city transportation, catering to the entirety of the Cedar Rapids metro area, adds a substantial and valuable dimension to the property's appeal."
Development partners on Union at Wiley include Sebree Architects for architecture, Crockett Engineering and Ament Design for engineering, Summit LIHTC Consulting as the LIHTC consultant, and GLD Commercial as the broker. The Annex Group served as the general contractor for the project. CREA, LLC (CREA) served as the equity partner on the project, providing low-income tax credit (LIHTC) equity. Cedar Rapids Bank & Trust provided the construction loan financing and permanent loan financing.
Union at Wiley is currently accepting housing applicants. Those interested can apply at https://www.unionatwiley.com/.
Follow Union at Wiley on Instagram at https://www.instagram.com/unionatwiley/.
Follow Union at Wiley on Facebook at https://www.facebook.com/unionatwiley.
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 encompasses a vast portfolio of communities that serve as a catalyst for both economic and residential growth. The Annex Group is proudly headquartered in Indianapolis, Indiana. To learn more about The Annex Group, visit www.theannexgrp.com or follow them on Facebook and LinkedIn.