INDIANAPOLIS (January 12, 2021) – The Annex Group®, a leading workforce, affordable and student housing developer, announces today plans to develop a new affordable housing community in Indianapolis. The new $29 million property, Union at 16th, will feature 159 units with one, two and three-bedroom options at 2215 W. 16th Street. The project’s financing closed today with construction to begin immediately. Union at 16th is expected to open in winter of 2021.
Kyle Bach, CEO of The Annex Group says, “this property will provide much-needed housing to people in downtown Indianapolis. It will be situated near IU Health Methodist Hospital, many businesses and feature access to ample public transportation. We believe a property like this can have an incredible impact on the people who live here and crave affordable housing that is also high-quality and convenient.”
Partners on the project include T&H Investment Properties, LLC, a real estate development and construction company specializing in affordable and workforce housing, Indiana Housing and Community Development Authority (IHCDA), the City of Indianapolis, which provided incentives including tax abatement for the project, R4 Capital Funding, which provided the construction and permanent loan financing, Cinnaire, which provided tax credit equity, Indianapolis Neighborhood Housing Partnership (INHP), which provided additional construction/permanent financing, Brenner Design, an architecture partner, and Crestline, which will provide property management services.
The property will include 163 parking spaces, community gardens, playground, gazebo, community center, bike parking (and bike trail access), fitness center and onsite leasing and management.
ABOUT THE ANNEX GROUP®
The Annex Group is a leading workforce, affordable and student housing developer with a focus on providing innovative, amenitized housing in emerging markets throughout the United States. The Annex Group encompasses a vast portfolio of communities valued at more than $500 million. Serving as a catalyst for economic development, The Annex Group has overseen over $1 billion in commercial projects including redevelopment and ground-up construction. 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.