Annex Group Opens Affordable Housing in Council Bluffs

The 192-unit Union at Bluffs Run community provides new housing options for local residents.

Updated on Oct. 26, 2026 in Openings & Closings

Modern multi-story apartment complex surrounded by native prairie grasses under a bright clear sky in Council Bluffs. — The Annex Group has opened The Union at Bluffs Run, a 192-unit affordable housing development in Council Bluffs designed for low-to-moderate-income families. AI Illustration. Upload story photo >

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The Annex Group has officially opened the Union at Bluffs Run, a 192-unit affordable housing community in Council Bluffs. The project was designed to serve households with income at or below 60 percent of the area median income.

Why it matters

The development aims to address the local need for affordable residential options in the Council Bluffs area. By utilizing tax credits and various financing partners, the project supports long-term housing stability for qualifying families.

The 10-acre community features 192 residential units, with construction supported by $40 million in financing from Merchants Bank. Merchants Capital contributed an additional $22 million in equity alongside $24 million in permanent debt.

The players

The Annex Group

This Fishers, Indiana-based company is a developer specializing in affordable housing and market-rate multi-family communities across the United States.

Merchants Capital

This financial institution provides debt and equity solutions specifically focused on the multi-family housing and healthcare real estate sectors.

Iowa Finance Authority

This state agency works to increase the availability of affordable housing and provides financial resources for community infrastructure projects in Iowa.

The details

Developed by The Annex Group, the community includes one, two, and three-bedroom units alongside amenities such as a fitness center, playground, and dog walking area. Financing was secured through a collaboration involving Merchants Capital, Merchants Bank, Fannie Mae, and the Iowa Finance Authority.

October 25, 2026: An open house and ribbon cutting event was held for the new community.
October 26, 2026: The opening of the residential project was officially announced.

Market Landscape

This project utilizes the federal Low-Income Housing Tax Credit (LIHTC) program to facilitate affordable development in a competitive real estate market. The initiative reflects a broader trend of private-public partnerships working to expand housing capacity through tax-exempt bond financing.

Residents qualifying at or below 60 percent of the area median income can now apply for one, two, and three-bedroom housing options at the new community. This project increases the local stock of rent-controlled units in the Council Bluffs market.

The takeaway

This development represents a major addition to the local affordable housing inventory through strategic financial partnerships. Prospective tenants should monitor local housing authority listings for specific application procedures.