INDIANAPOLIS, IN - The Annex Group®, a leading impact housing developer that creates affordable, workforce and purpose-built student housing communities, today announces the opening of for Union at Bluffs Run, an affordable housing community in Council Bluffs, Iowa. The community brings 192 one, two and three-bedroom units to households whose income level is at or below 60 percent of the area median income (AMI). Residents, community members, company partners and the media joined The Annex Group for an open house and ribbon cutting yesterday.
“We have been looking forward to cutting the ribbon on Union at Bluffs Run ever since plans for the community were unveiled,” said Ryan Clark, Senior Vice President of Development at The Annex Group. “As we celebrate this important milestone, we are excited to join the partners and community members who have helped make this property possible. We are thrilled to officially welcome our residents, many of whom already call this community home.”
The $58.2 million community is now leasing. Union at Bluffs Run sits on more than ten acres and features amenities including a community room, fitness center, playground, dog walking area and picnic area.
“Entering the Council Bluffs area is a natural fit for The Annex Group, and we’re proud to expand our footprint in this great state while creating a community that will provide much needed affordable housing for local residents,” said Tom Tomaszewski, President of The Annex Group. “Union at Bluffs Run was made with the community in mind, and we believe it will be a welcome place for people to gather and enjoy life together. With the help of incredible partners, we’ve created a community that we are very proud of.”
Partners on the project include DCCM, Snyder and Associates, the City of Council Bluffs, Merchants Capital, which provided more than $22 million in total equity and over $24 million in permanent debt financing, Merchants Bank, which provided more than $40 million in construction financing, and Fannie Mae. Thanks also to the Iowa Finance Authority (IFA) for their continued support in providing affordable housing across the state of Iowa, specifically through the issuance of 4 percent tax credits and tax-exempt bonds, and Impact Housing Indiana, an organization dedicated to supporting residents of affordable housing communities within The Annex Group portfolio.
ABOUT THE ANNEX GROUP®: The Annex Group® is a leading impact housing developer that creates affordable, workforce and purpose-built student housing communities. With a focus on providing innovative, amenitized housing in emerging markets throughout the United States, The Annex Group is headquartered in Fishers, Indiana. To learn more about The Annex Group, visit www.theannexgrp.com