INDIANAPOLIS, IN - The Annex Group®, a leading impact housing developer that creates affordable, workforce, student and market-rate housing communities, today announces plans for a new affordable housing community in Council Bluffs, Iowa. Union at Bluffs Run will offer 192 one, two and three-bedroom units to households whose income level is at or below 60 percent of the area median income (AMI). The $58.2 million community will be located at 2430 S. 19th St., Council Bluffs, IA 51501. A ceremonial groundbreaking bringing together community partners, local leaders including Council Bluffs Mayor Matt Walsh, and the community took place yesterday, marking the official start of construction on the project.
“Entering the Council Bluffs area is a natural fit for The Annex Group,” said Ryan Clark, Senior Vice President of Development at The Annex Group. “As an organization, we’ve expanded our footprint in Iowa and see this as another opportunity to bring affordable housing to a growing area that truly needs it. We look forward to becoming a part of this great community.”
Union at Bluffs Run will be on more than ten acres and consist of four, three-story apartment style buildings and an additional, single building which will contain the community room, fitness center and leasing office. Other community amenities include a playground, dog walking area and picnic area.
“Everything about this community has been decided with future residents in mind,” said Derek Hays, Director of Development for The Annex Group. “We truly believe it will enhance the surrounding community and be a welcome place for people to gather and enjoy life. With the help of incredible partners, we’re creating a community that we are very proud of.”
Partners on the project include: RQAW, Snyder and Associates, the City of Council Bluffs, Merchants Capital, which provided more than $22 million in total equity and over $24 million in permanent debt financing, Merchants Bank, which provided more than $40 million in construction financing, and Fannie Mae. Thanks also to the Iowa Finance Authority (IFA) for their continued support in providing affordable housing across the state of Iowa, specifically through the issuance of 4 percent tax credits and tax-exempt bonds.
“It is an honor to continue our meaningful work with The Annex Group,” said Nick Miller, Transaction Manager at Merchants Capital. “We look forward to witnessing the long-term impact the 192 affordable housing units at Union at Bluffs Run will have on its residents and families in the greater community.”
“We are thrilled to have had the opportunity to design this new affordable housing development, which we believe will make a lasting positive impact on the community,” said Victoria Templeton, AIA, Multifamily Studio Lead, RQAW | DCCM. “The five thoughtfully designed three-story buildings are complemented by a walkable neighborhood, providing residents with easy access to essential amenities such as a community room, dog park, and playground. This project marks an important step forward in creating vibrant, sustainable spaces where people can thrive. We would like to extend our heartfelt thanks to The Annex Group for their continued partnership, and we are excited to contribute to their latest development in Iowa, furthering our shared commitment to accessible, quality housing for all."
Union at Bluffs Run is expected to open in fall 2026. This will be The Annex Group’s fourth affordable housing community located in Iowa. Union at Wiley, located in Cedar Rapids, opened last year; Union at North Crossing, located in Waterloo, and Union at River’s Edge in Des Moines, are both under construction.
ABOUT THE ANNEX GROUP: The Annex Group® is a leading impact housing developer that creates affordable, workforce, student and market-rate housing communities. With a focus on providing innovative, amenitized housing in emerging markets throughout the United States, The Annex Group is headquartered in Indianapolis, Indiana. To learn more about The Annex Group, visit www.theannexgrp.com