Weekly Real Estate News
Summary
The Annex Group opened Union at Rivers Edge, a 216-unit affordable housing community in Des Moines for households earning at or below 60 percent of area median income.
A $62.9 million affordable housing community has opened in Des Moines, adding 216 apartments targeted to households earning no more than 60% of area median income.
The Annex Group held an opening event Oct. 1 for Union at Rivers Edge at 1600 Indianola Ave. The development includes one-, two- and three-bedroom apartments and is now leasing.
Affordable units paired with resident services
Eligibility is capped at 60% of area median income. Based on Iowa Finance Authority figures reported with the opening, that threshold is $48,900 for a one-person household and $75,480 for a five-person household.
The community includes a community center, playground and parking. Residents are also being offered complimentary passes for the Des Moines Area Regional Transit system.
Impact Housing Indiana, the nonprofit human-services arm associated with the developer, is expected to provide resident services including financial literacy, food assistance and workforce development.
The opening adds a sizable block of income-restricted housing to the Des Moines market at a time when financing costs continue to complicate new multifamily construction. The 216-unit delivery is significant not only for its scale but for pairing long-term affordability restrictions with transportation and supportive services.
