Construction is expected to begin this spring on a 216-unit apartment project that will be located on 4 acres at 1600 Indianola Road, developer Annex Group announced.

Union at River’s Edge will include one-, two- and three-bedroom units whose rents will be set levels that will be available to families with incomes at or below 60% of the area median income. In Polk County, the area median income for a one-person household is $41,400; for a three-person family, $53,220.

Construction of the $62.9 million project, located near the Raccoon River, is expected to be open by spring 2025.

The community will feature desirable amenities, including a fitness center, clubhouse, playground, picnic area, parking garage, community room, dog park and on-site leasing office.
Residents will receive complimentary transit passes for the Des Moines Area Regional Transit Authority that will have a bus stop adjacent to Union at River’s Edge. The community will also have a Community Impact Plan that will include resources for residents to help develop their personal and professional growth.

“As the capital of Iowa and the most populated city in the state, Des Moines—like many places across the U.S.—is in great need of more affordable housing,” Kyle Bach, CEO of the Indianapolis, Ind.-based Annex Group, said in a prepared statement. “There have been several new business and business expansion announcements within the last few years in Des Moines, so we know that even more people will be looking for housing soon as more jobs become available.”

Others groups working on the project include: Civil Design Advantage (CDA) as the civil engineer, Ask Studio as the architect, and Summit LIHTC Consulting.  

The project includes financing from several sources, according to a news release. Providing financing are WNC for over $24 million in low-income housing tax credit 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.

The project is the Annex Group’s third in Iowa. Union at Wiley, located in Cedar Rapids, opened last year, and Union at North Crossing, located in Waterloo, is under construction.