The Annex Group has completed Union at Rivers Edge, a 216-unit affordable housing community in Des Moines. 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 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.
WNC provided over $24 million in low-income housing tax credits equity. Cedar Rapids Bank and Trust supplied tax-exempt bond financing of over $32 million. The City of Des Moines contributed tax-increment financing, tax abatement and $300,000 in American Rescue Plan Act funds.