Annex Group Completes 216-Unit Affordable Housing Project in Des Moines

The Annex Group has completed Union at Rivers Edge, a 216-unit affordable housing community in Des Moines, Iowa. This $62.9 million development offers one, two, and three-bedroom units specifically for households earning 60 percent or less of the area median income. The project includes a community center with a fitness center and business center, along with outdoor amenities such as a playground, community terrace, and dog walking area. Residents will also receive complimentary transit passes for the Des Moines Area Regional Transit Authority, with a bus stop located adjacent to the property.

Key partners involved in the development include Civil Design Advantage as the civil engineer and ASK Studio as the architect. Financing was secured through a consortium of entities, including WNC, which provided over $24 million in low-income housing tax credits (LIHTC) equity. Cedar Rapids Bank and Trust contributed over $32 million in tax-exempt bond financing. Further support came from the Iowa Finance Authority for tax-exempt bond allocation, and the City of Des Moines, which provided tax-increment financing, tax abatement, and $300,000 from American Rescue Plan Act funds. Affiliates of The Annex Group handled construction and will manage the property. This project demonstrates a collaborative approach to addressing affordable housing needs, leveraging various public and private funding mechanisms.