Residents will soon start moving into the first phase of Anderson Greene, a new mixed-income housing community in Cedar Rapids, Iowa.
Developed by Woda Cooper Cos., Anderson Greene is an $8.8 million energy-efficient multifamily rental community with 44 units, a combination of townhomes and apartments. The community provides housing for a mix of incomes, including 39 affordable units for residents at or below 30%, 40%, and 60% of the area median income, with five units offered at market rate.
“On behalf of the city of Cedar Rapids, we are thrilled with this new housing development,” said Cedar Rapids mayor Brad Hart. “Now more than ever—as we battle a pandemic and address disaster recovery—we recognize the importance of having quality housing in a variety of price points. All residents deserve safe housing options they can afford, and we welcome this new multifamily development into our community.”
Anderson Greene is Ohio-based Woda Cooper’s first project in Iowa. The firm operates in 15 states and has a portfolio of approximately 350 communities and more than 14,000 units.
The first phase of the new development, which is fully leased with a waiting list, is comprised of four buildings, offering eight two-bedroom townhomes, seven three-bedroom townhomes, four one-bedroom apartments, 22 two-bedroom apartments, and three three-bedroom apartments. There are five units with features designed for those with physical disabilities and one with sight/hearing adapted features. The community center has a clubroom, a kitchenette, a fitness center, and a management office.
The developers recently held a tour of the property for a small group of community leaders and supporters, including Hart and Debi Durham, executive director of the Iowa Finance Authority (IFA), which provided low-income housing tax credits for the project.
“Housing is a leading driver of Iowa’s growth,” Durham said. “Anderson Greene will provide dozens of Cedar Rapids families with a place they can be proud to call home and the Cedar Rapids community with positive ripple effects for generations to come.”
The primary equity investor for Anderson Greene’s first phase is Wells Fargo, with permanent and construction loans by Merchants Capital and an additional loan from the Housing Fund for Linn County.
A $9.4 million second phase, also supported by housing tax credits allocated by IFA, is under construction at the same location. It will offer 48 units, also for residents at a mix of incomes. Expected completion for the second phase is fall 2021.
For the second phase of Anderson Greene, Red Stone Equity Partners is the equity investor. Lenders are Cedar Rapids Bank & Trust and Housing Fund for Linn County. The city provided a 10-year, 100% tax abatement for both phases.
Each phase is expected to achieve both an Energy Star certification as well as a Home Energy Rating System index of 62 or less. “Anderson Greene will not only offer large, open concept homes, but will be equipped with Energy Star appliances, including washers and dryers in each unit, and other design features for comfortable and affordable family living,” said Nick Surak, senior vice president of development at Woda Cooper. “Its energy-efficient design will mean substantial monthly energy savings for all residents.”
General contractor for the development is Woda Construction. Other partners include architect Hooker DeJong; engineer Hall and Hall; and sustainability consultant Sol Design + Consulting. Woda Cooper Cos.’ management division will oversee property management and leasing of both phases of the development.
