Annex to Develop Affordable Housing in Oregon

The Annex Group will be adding 174 units of affordable housing to the Corvallis, Ore. market with its latest residential project. The developer is planning to start construction on the $56 million development this month with plans to open the community in fall 2024.

The Annex Group tapped KTGY to design Union at Pacific Highway, while DEVCO Engineering Inc. will be tasked with the project’s civil engineering. The developer also tapped Avenue5 Residential to manage the community when completed. Structure Development Advisors will serve as the LIHTC consultant. Piper Sandler also placed tax-exempt bonds for the project, while NDC provided more than $19 million in tax credit equity.

Union at Pacific Highway will have one-, two- and three-bed units, all designated as affordable since they will be reserved for those making at or below 60 percent of the area’s median income. The community’s amenities will include a community center, fitness center, playground, dog park, dog wash, business center, picnic area, activity rooms, bike parking, community gardens and leasing offices. The Annex Group is also looking to incorporate a Community Impact Plan that was designed to provide residents with resources to help them achieve personal goals and a better quality of life.

Located at 2910 SW Third St., Union at Pacific Highway is an approximately five-minute drive from Oregon State University and downtown Corvallis. The downtown area offers plenty of retail and dining options, but also connects residents to the area’s public transit options.

Expanding Pacific Northwest Footprint

While The Annex Group has developed workforce, affordable and student housing communities across the U.S., Union at Pacific Highway is the company’s first project in Corvallis. In the Pacific Northwest region, The Annex Group is also working on a 399-bed student housing community in Pullman, Wash. alongside its joint venture partner Eastmark Capital Group. The company also completed a ground-up 134-unit workforce housing community in the nearby Bozeman, Mont.

More recently, The Annex Group announced plans for Union at Tryon, a 200-unit affordable housing community in Charlotte, N.C. that’s slated for completion in 2025. Headquartered in Indianapolis, The Annex Group’s development pipeline also includes projects in several Midwestern states, including Wisconsin, Ohio and Illinois.