TOPEKA, Kan., May 28, 2025 (GLOBE NEWSWIRE) — WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, and The Annex Group, a leading impact housing developer that creates affordable, workforce, student and market-rate housing communities, have begun construction on Union at Tower District, a $69.7 million, 250-unit affordable housing community within walking distance of downtown Topeka, Kansas.
Strategically located at the southeast corner of Southeast 11th and Southeast Quincy Streets, Union at Tower District offers convenient access to nearby restaurants, retail, schools, pharmacies, recreational facilities, and major employment centers. The development features three modern buildings – rising three and four stories – that together house 250 modern, energy-efficient residences. The unit mix includes 100 one-bedroom, 84 two-bedroom, and 66 three-bedroom garden-style apartments, all reserved for households earning between 30% and 60% of the area median income (AMI).
“With 25% of households in Topeka earning less than $25,000 a year, market-rate rentals are simply out of reach for too many families,” said Dan Garrett, Vice President of Originations at WNC. “This development is about more than housing – it’s about creating stability and opportunity for Topekans who need it most. We’re proud to help bring more affordable options to a city where the demand is both real and urgent.”
Each unit at Union at Tower District will include essential modern features to support comfortable living. Amenities include an electric range, refrigerator, dishwasher, and in-unit washer and dryer. Homes will also feature central air conditioning, composite flooring, window blinds, and a private patio or balcony.
Union at Tower District will feature a wide range of community amenities that support an active, connected, and convenient lifestyle. Highlights include a clubhouse with a community room, a business and computer center, fitness center, dog park with pet care facilities, and a playground. Residents will also have access to bike racks and storage, walking paths, common area Wi-Fi, and inviting shared outdoor spaces like patios and porches. Additional features such as elevator access, on-site management, CCTV security cameras, and a 252-space surface parking lot will further enhance convenience and peace of mind. The project will break ground immediately and construction is expected to be completed in March 2027.
This project will utilize permanent financing from Citibank of $16.55 million, along with $20.1 million of State of Kansas affordable housing credits. WNC will infuse $27.7 million of low-income housing tax credit equity into the project.
About WNC & Associates
Founded in 1971, WNC & Associates (WNC) is a family-owned business known as both a pioneer and leader in the affordable housing industry. WNC and its affiliated companies specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Combined, the WNC companies have acquired approximately $18.2 billion in assets across 48 states, including more than 1,800 affordable rental properties that house more than 1 million residents. With offices in 16 states, WNC has partnered with more than 400 developers and 125 institutional investors. To learn more, visit: https://www.wncinc.com/.
About The Annex Group
The Annex Group® is a leading impact housing developer that creates affordable, workforce, student and market-rate communities. With a focus on providing innovative, amenitized housing in emerging markets throughout the United States, The Annex Group is headquartered in Fishers, Indiana. To learn more about The Annex Group, visit www.theannexgrp.com or follow them on Facebook and LinkedIn.
MEDIA CONTACT:
IDEA HALL
Andy Vernier
[email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bce1be47-289d-41b0-9b23-110a34b3b38d