DES MOINES, IOWA — The Annex Group has completed Union at Rivers Edge, an affordable housing community in Des Moines with 216 units. The one-, two- and three-bedroom units are reserved for households earning at or below 60 percent of the area median income. Amenities at the $62.9 million project include a community center complete with a fitness center, business center and onsite leasing. Outdoor amenities include a playground, community terrace, dog walking area and parking. Residents will receive complimentary transit passes for the Des Moines Area Regional Transit Authority, which will have a bus stop adjacent to the development.
Partners on the project include Civil Design Advantage as the civil engineer, ASK Studio as the architect, Summit LIHTC Consulting and Impact Housing Indiana. Affiliates of Annex Group completed construction and will provide property management services for the community.
Financing partners include WNC for over $24 million in low-income housing tax credits 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, tax abatement and $300,000 American Rescue Plan Act funds.