A 7.9-acre tract of land on Cedar Rapids’ SW side, listed by GLD’s Angie Glick-Martin, was recently sold to The Annex Group. Known as a workforce, affordable and student housing developer, The Annex Group plans to develop Union at Wiley — a 180-unit Cedar Rapids affordable housing community.
Located at 4227 21st Avenue SW, Union at Wiley will target residents earning up to 60% of the area median income with one, two and three-bedroom apartment options.
“Union at Wiley will be located in southwest Cedar Rapids, an area where affordable housing is very much needed,” Kyle Bach, CEO of The Annex Group said. “Affordable housing needs are continuing to climb in the area due to the impact of COVID-19, but even before the pandemic, similar housing communities were nearly fully leased. We’re honored to build a new construction community in this area that will offer so many great amenities.”
At an estimated project cost of $31.85 million, the property is expected to open in May 2022. Community amenities will include a clubhouse with a television, gaming area, playground, fitness center and ample street and carport parking options.
“The 2020 derecho devastated much of the multi-family housing on Cedar Rapids’ SW side,” Glick-Martin said. “I am thankful The Annex Group has chosen to invest in Cedar Rapids and provide much-needed affordable housing options.”
Partners on this project include Sebree Architects, Crockett Engineering, Ament Design, Summit LIHTC Consulting, Hayes Gibson Property Services and GLD Commercial.
Read more in the news:
The Annex Group
Corridor Business Journal
Search available multi-family, warehouse, office, retail and land properties