INDIANAPOLIS (January 16, 2024) – 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 Des Moines, Iowa. Union at River’s Edge will offer 216 one, two and three-bedroom units to households whose income level is at or below 60 percent of the area median income (AMI). The $62.9 million community will be located on nearly four acres of land at 1600 Indianola Avenue.
Union at River’s Edge is expected to open in spring 2025. The community will feature desirable amenities, including a fitness center, clubhouse, playground, picnic area, parking garage, community room, dog park and on-site leasing office. Residents will also all receive complimentary transit passes for the Des Moines Area Regional Transit Authority (DART) which will have a bus stop adjacent to Union at River’s Edge. The community will also have a Community Impact Plan (CIP) that will feature meaningful resources for community residents that spur their personal and professional growth.
“As the capital of Iowa and the most populated city in the state, Des Moines—like many places across the U.S.—is in great need of more affordable housing,” said Kyle Bach, CEO of The Annex Group. “There have been several new business and business expansion announcements within the last few years in Des Moines, so we know that even more people will be looking for housing soon as more jobs become available. The Annex Group is proud to extend our reach within Iowa and offer Union at River’s Edge as a place to call home.”
Partners on the project include: Civil Design Advantage (CDA) as the civil engineer, ASK Studio as the architect, and Summit LIHTC Consulting. Affiliates of The Annex Group will complete construction and perform property management services for the community. Financing partners include WNC for over $24 million LIHTC equity, Cedar Rapids Bank and Trust for tax exempt bond financing of over $32 million, Iowa Finance Authority for tax exempt bond allocation, and the City of Des Moines for tax increment financing (TIF), tax abatement and $300,000 American Rescue Plan Act (ARPA) funds.
“As the name implies, Union at River’s Edge will be right on Raccoon River, providing great scenery for residents,” said Tom Tomaszewski, President of The Annex Group. “The location is also desirable because of its proximity to businesses and amenities that matter. All within one mile of the community are a library, school, gas station, grocery store, bank and park. Residents will be able to enjoy everything Union at River’s Edge offers including easy access to these meaningful locations.”
“The location for this upcoming community is one of the top sites in downtown Des Moines,” said Dan Garrett, Vice President of WNC. “I am extremely excited for this project as it represents the single largest Low Income Housing Tax Credit (LIHTC) project build in Iowa to-date.”
This will be The Annex Group’s third affordable housing community located in Iowa. Union at Wiley, located in Cedar Rapids, opened last year, and Union at North Crossing, located in Waterloo, is under construction.
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.