$13.5M Housing Development Opens in Kokomo

$13.5M Housing Development Opens in Kokomo

The Annex Group, a leading affordable, workforce and student housing developer, announces the opening of its newest development, Union at Washington. Located at 918 N. Washington St. in Kokomo, Indiana, Union at Washington is the newest affordable housing community to be added to The Annex Group’s rapidly-expanding housing portfolio.

The 51-unit multifamily housing complex includes sought-after, community-focused amenities such as a fitness center, playground, computer center and outdoor grilling space. The complex also features a convenient location just minutes from downtown Kokomo.

“When we plan for a community, we keep its future residents top-of-mind,” said Kyle Bach, CEO of The Annex Group. “Delivering a complex that could be a catalyst for economic growth in the area and be a place where residents would be proud to call home was the goal with Union at Washington. We’re proud to feel we’ve achieved that goal.”

Union at Washington received unanimous support from Kokomo’s City Council in 2019. The project was financed with the help of RiverHills Bank, which provided the construction and permanent finance of more than $6.5 million, and Cinnaire, which invested more than $7 million in tax credit equity in the project.

“All people deserve to have a beautiful and affordable place to call home,” said Keith Broadnax, Cinnaire Senior Vice President, Business Development. “Union at Washington exemplifies the type of high-quality affordable housing that can be achieved through collaborative public and private partnerships. We applaud The Annex Group for their innovative design, connecting Union at Washington to the surrounding community. This development will open doors to a brighter future for the new residents while serving as a catalyst for community and economic development in Kokomo.”

The Annex Group also worked on the project with The Kokomo Community Development Corporation, the Indiana Housing and Community Development Authority (IHCDA), which provided the tax credit award and development fund loan, and T&H Investment Properties, LLC, which served as a co-developer and co-owner.

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