Annex Group to Develop 180-Unit Affordable Housing Community in Cedar Rapids
CEDAR RAPIDS, IOWA — The Annex Group has unveiled plans to develop Union at Wiley, a 180-unit affordable housing community in Cedar Rapids. Located at 4227 21st Ave. SW in Linn County, the $31.8 million project will include one-, two- and three-bedroom floor plans for residents who earn up to 60 percent of the area median income. Amenities will include a clubhouse, gaming area, playground and fitness center. Completion is slated for May 2022.
The project team includes Sebree Architects, Crockett Engineering, Ament Design, Summit LIHTC Consulting, Hayes Gibson Property Services and GLD Commercial. Annex will serve as general contractor. CREA will serve as the equity partner, providing nearly $13 million in low-income housing tax credit equity. Cedar Rapids Bank & Trust is providing a $27 million construction loan and an $18.3 million permanent loan.