Annex Group says it has $445 million worth of new development projects in the works.
The bulk of the projects are in the affordable housing and workforce housing spaces, and will be completed within the next year or two.
With new developments planned in North Carolina and Indiana, as well as Montana, Washington, Iowa, Kansas, Michigan, Oregon, North Carolina and Nebraska, Annex says it will be expanding its reach well beyond its Midwestern roots. Together the projects will produce 406 workforce housing units, 1,747 affordable housing units and 289 student housing units offering 607 beds.
According to the Joint Center for Housing Studies (JCHS) of Harvard University’s 2019 State of the Nation’s Housing Report, rental housing availability has decreased substantially since 2011 in most metropolitan areas. As housing production is falling short of what is needed, affordability is eroding.