Traverse City, May 23, 2024 – Woda Cooper Companies, Inc. celebrated the opening of Annika Place, a new 53-unit affordable housing community located at 947 S. Garfield in Traverse City. The event drew Traverse City officials, representatives of the US Coast Guard, financing partners, and other supporters to celebrate the $14.7 million investment in Traverse City.
Annika Place offers 29 one-bedroom and 24 two-bedroom apartments for residents that earn 30% to 80% area median income. Rental rates range from $377 to $1125 per month depending on the income restriction and size of the unit. It received strong support from the City of Traverse City, and The Traverse City Housing Commission will provide rental assistance for eight units occupied by formerly homeless residents.
“The opening of Annika Place is another key piece in tackling the housing crisis in our region,” said Traverse City Mayor Amy Shamroe. “We are happy to see quality, affordable housing like this become available and hope to see more like this across our county and region.”
Annika Place is made possible with funding supported by Low-Income Housing Tax Credits allocated by the Michigan State Housing Development Authority (MSHDA). “Every investment in housing drives our state forward, so it’s thrilling to see a new construction project like Annika Place come to life and welcome new residents,” said Tony Lentych, MSHDA Chief Housing Investment Officer. “We will continue offering solutions, so developers like Woda Cooper Companies have the resources they need to help us build stronger communities that lower- and moderate-income Michiganders can afford and are proud to call home.”
Apartments in the four-story building feature accessible units with large living spaces; kitchens with ENERGY STAR appliances, including dishwashers; microwaves; washer/dryer hookups; and plenty of storage. Interiors feature attractive finishes, quality cabinetry, and luxury vinyl tile flooring. Lifestyle amenities include a community room with kitchenette, fitness center, and rooftop terrace. Other outdoor amenities include a patio, picnic table, grill, park benches, and a playground.
Affordable housing finance syndicator CREA LLC invested in the credits to provide equity financing. “Throughout a partnership spanning more than 17 years, CREA and Woda Cooper Companies missions have remained aligned through mutual commitments to delivering top-tier, affordable housing solutions to residents in need,” said Charles Anderson, Co-President at CREA, LLC. “As we celebrate the grand opening of Annika Place, we recognize Traverse City as home to the U.S. Coast Guard and other military families in this community and extend our appreciation to everyone involved in creating much-needed homes for our country’s veterans.”
Huntington National Bank provided a construction loan and permanent financing. “Strengthening the communities, we serve is a core tenant of everything we do at Huntington,” said Nick Florian, Huntington National Bank Market President. “We are proud to assist in making additional safe and affordable housing opportunities readily available in Traverse City.”
Annika Place will honor the memory of U.S. Coast Guardsman Douglas A. Munro who lost his life at the Guadalcanal on September 27, 1942, because of heroic measures with his Higgins boat that shielded and saved the lives of 500 Marines. He is the only Coast Guard member to receive the Medal of Honor. The property’s community room is named in Munro’s memory and there is a special memorial rock and lighted flagpole in his honor. Traverse City is home to a U.S. Coast Guard Air Station and part of the decision to develop Annika Place was to expand housing options for newly enlisted staff at the station.
“Annika Place reflects our commitment to create quality communities in Traverse City that fit the housing needs for lower to moderate income residents who may work in health care, retail, tourism, and service centers, and also active military such as the enlisted personnel at the Coast Guard Air Station,” said Woda Cooper Companies’ Craig Patterson, Senior Vice President-Development.
Hooker DeJong was architect for Annika Place, with civil engineering by Mansfield Land Use Consultants and sustainability consulting by Sol Design + Consulting. Woda Construction Inc. was general contractor and Woda Cooper’s management division, Woda Management & Real Estate, oversees leasing and property management. For more information about leasing, visit wodagroup.com or call 231-655-2980.
About Woda Cooper Companies, Inc.
Woda Cooper Companies, Inc. and its affiliates specialize in the development, design, construction, and management of high-quality affordable multi-family communities, senior communities, and single-family homes. The company was founded in 1990 and now has operations in 17 states and a portfolio of 330 communities and 16,000 units operating or under construction. Green building is standard with certifications including Passive House, Zero Energy Ready Homes, LEED, Enterprise Green, EarthCraft, and ENERGY STAR. Woda Cooper Companies has offices in Savannah, GA; Indianapolis, IN; Shelbyville, KY; Queenstown, MD; Mackinaw City, MI; Columbus, OH; and Norfolk, VA. Affordable Housing Finance magazine ranked Woda Cooper Companies 7th in nation among Developers and 21st among Owners in 2023.
