Woda Cooper Companies, Inc. and co-developer Parallel Housing, Inc., recently hosted a grand opening for Timber Ridge, a new 52-unit $15.4M affordable housing community for senior residents aged 62 and older.
In Iowa, only 39 rental homes are affordable and available for every 100 extremely low-income households. Iowa needs to make 61,867 more homes affordable for extremely low-income households. (Source)
Timber Ridge is an energy-efficient, three-story building with 32 one-bedroom and 20 two-bedroom apartments. The average median income mix is between 40% and 60%. Rents are $565 to $825 per month for a one bedroom and $670 to $975 for a two bedroom, based on income, number of bedrooms, and unit size.
All units at Timber Ridge feature contemporary designs, quality finishes, and energy-efficient appliances, including dishwashers. Amenities include a community room, elevator, BBQ/picnic area, upgraded LVT flooring, and in-unit washers and dryers.
The City of Davenport has played a key role in advocating for increasing the stock of quality, affordable housing for its citizens and supporting the development of Timber Ridge. The City’s planning staff and elected leaders have shared their vision and ideas, reviewed plans, and offered feedback that was critical in the planning process. The City of Davenport also approved a HOME loan as part of the Timber Ridge financing.
“Timber Ridge represents an exciting investment in the future of Davenport’s Second Ward,” said Davenport Alderman Kyle Gripp. “There is a growing need for more housing options in our community, particularly high-quality, affordable homes in northwest Davenport. Developments like Timber Ridge help address that need by expanding access to safe, quality housing and strengthening our neighborhoods for years to come.”
“Many seniors have spent a lifetime raising families, building careers and caring for others in the Davenport community,” said Debi Durham, Director of the Iowa Finance Authority and Iowa Economic Development Authority. “We’re proud to partner with Woda Cooper and Parallel Housing, Inc. on the Timber Ridge project, bringing more quality, affordable housing options to the community and helping seniors feel at home in their next chapter.”
KeyBank Community Development Lending and Investment (KeyBank CDLI) provided the construction loan and tax credit equity investment in the project. “KeyBank is proud to support Timber Ridge Apartments and help expand affordable housing for seniors in Davenport,” said Marina Miller, Assistant Vice President, KeyBank CDLI. “This investment aligns with our commitment to build and invest in stronger, more inclusive communities.”
Cedar Rapids Bank & Trust is providing the permanent mortgage. “As an Iowa community Bank, supporting the local developments of new affordable housing is critical in our mission as a lender. We are pleased to provide financial support to Woda Companies’ Timber Ridge development in Davenport, further supporting our Iowa neighborhoods and communities,” said Michael Goerdt, SVP, Specialty Finance Group, Cedar Rapids Bank & Trust.
The neighborhood surrounding Timber Ridge offers excellent access to businesses and community amenities via walking, biking, or driving. Within a short distance, there are many employment opportunities, restaurants, and retail outlets, including grocery stores, plus health care clinics, churches, parks, and many employment opportunities and other community amenities.
“We are thrilled to open Timber Ridge, a new housing community in Davenport that will give seniors a high-quality option for age-in-place housing that’s affordable, energy efficient, safe and well-maintained,” said Barry Accountius, Vice President-Development for Woda Cooper Companies.
Timber Ridge is Woda Cooper Companies’ ninth affordable housing community developed in Iowa and first location in Davenport, with a tenth development in process – Brockton Place in Newton, IA. Other Woda Cooper properties are located in Wilton, Cedar Rapids, Indianola, Johnston, and Des Moines.
The architect for Timber Ridge is Hooker DeJong, Inc., with general contracting by Woda Construction, Inc. and civil engineering performed by IMEG Corporation. Leasing and property management will be performed by Woda Management & Real Estate, LLC. For leasing information, go here.
