INDIANAPOLIS (November 1, 2022) – The Annex Group®, a leading impact housing developer that creates workforce, affordable and student housing communities, announces today plans to develop a new affordable housing community in Charlotte, North Carolina. Union at Tryon will feature 200 units with studio, one, two and three-bedroom apartments that will target households earning up to 60 percent of the area median income (AMI). The community will be located on more than seven acres on the northeastern side of the city at 614 Rocco Rd. According to a project feasibility study completed in the area, many apartment communities are experiencing 97 percent occupancy or higher, with none reporting an occupancy rate below 94 percent –emphasizing the congestion of the local rental market and need for more housing. The city of Charlotte is also growing in population. According to UNC’s Kenan-Flagler Business School’s 2022 American Growth Project, Charlotte is the 8th fastest-growing city in the U.S., with nine consecutive quarters of job growth.
“Affordable housing should be available to everyone,” said Kyle Bach, CEO of The Annex Group. “In the Charlotte area, there are not enough housing options to serve everyone in the community, and it’s something that must change. Union at Tryon will help address the housing shortage in the area with units that offer space, comfort and an impressive number of desirable amenities that will help residents feel like they’ve truly found a place to call home.”
Union at Tyron will feature a community center, business center, fitness center, playground, walking trails, outdoor grilling area and community gardens. Its location will also offer convenience, with multiple grocery stores, pharmacies, a hospital, school and park all within one mile of the community. The $44 million property is expected to open in spring 2025.
Development partners on the project include: KTGY as the architect, Tarr Group as the civil engineer, Shelter Investments Development Corporation as the LIHTC consultant, Freddie Mac as the permanent lender providing $20.8 million, Merchants Capital as the construction lender providing $31 million, Aegon Asset Management as the tax credit equity partner providing $18 million, and INLIVIAN as the bond issuer providing $20.8 million. The Annex Group is providing property management services for the property.
“As a leading multifamily and affordable financier, we are proud to have partnered on this new affordable community in Charlotte, a great market in need of affordable housing solutions,” said Brian Emmons, Senior Vice President at Merchants Capital. “Our team was able to arrange financing totaling more than $50 million that encompassed construction and Freddie Mac loans to meet the needs of our long-time development partner, The Annex Group. We are grateful for the opportunity to work alongside The Annex Group team again in support of their impactful development platform nationwide.”
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 proudly headquartered in Indianapolis, Indiana. To learn more about The Annex Group, visit www.theannexgrp.com or follow them on Facebook and LinkedIn.