KOKOMO, IN - The Annex Group, LLC, a leading student and affordable housing developer, is excited to announce a new purpose-built, multifamily housing development located at 918 N Washington St., in Kokomo, Indiana. The new development will break ground this month and is set to be delivered Summer of 2020.
The new multifamily housing complex – dubbed Union at Washington – expands The Annex Group’s portfolio of holdings in Kokomo to nearly 200 units. The development is minutes from downtown Kokomo and will include sought-after and community-focused amenities such as a fitness center, playground, computer center, outdoor grilling area and more.
“We are thankful for the opportunity to provide even more affordable housing options to Kokomo residents,” said Kyle Bach, CEO of The Annex Group®. “We continuously strive to deliver transformative experiences through the creation of unique housing opportunities that serve as catalysts for economic development, and we are confident Union at Washington will support our mission and enhance the Kokomo community.”
Union at Washington received unanimous support from Kokomo’s City Council and furthers both The Annex Group® and Mayor Greg Goodnight’s efforts to create more affordable housing opportunities in the City of Kokomo. The new development is joined by affordable housing property, Kingston Square, and student housing property, The Annex of Kokomo, which is just steps away from Indiana University Kokomo.
“Our City is thrilled to once again work with The Annex Group® to help meet the growing demand of innovative housing solutions in Kokomo,” said Mayor Greg Goodnight, City of Kokomo. “Union at Washington will serve as a valuable asset to our community that will further attract retailers and prospective residents, while also providing quality housing to current Kokomo residents looking to remain close to the downtown area.”
The exciting new project was financed with the help of River Hills Bank, who provided the construction and permanent financing of over $6.5MM, and Cinnaire, who was the syndicator on the transaction and provided over $7MM in tax credit equity. The Annex Group® also worked in collaboration with the Kokomo Community Development Corporation, and Indiana Housing and Community Development Authority (IHCDA) who provided the tax credit award and development fund loan, and T&H Investment Properties, LLC who served as a co-developer and co-owner on the project.
Founded in 2006, The Annex Group® encompasses a vast portfolio of more than 20 communities valued at more than $250 million. Serving as a catalyst for economic development, The Annex Group® has overseen nearly $1 billion in commercial projects including redevelopment and ground-up construction while experiencing over $500 million of real estate developments – including 2,000 multifamily and single-family assets specifically in the Midwest.
To learn more about The Annex Group®, please visit www.theannexgrp.com or follow them on Facebook and Twitter.