Davenport, Iowa, October 29, 2025 – Woda Cooper Companies, Inc. (Woda Cooper) and co-developer, nonprofit Parallel Housing, Inc., hosted a groundbreaking ceremony today for Timber Ridge, a new 52-unit affordable housing community for senior residents aged 62 and older with units targeted for renters at a mix of incomes up to 40% to 60% of the area median income. Timber Ridge is located at 2345 W. 54th Street, Davenport, Iowa 52806.
Timber Ridge will be an energy-efficient, three-story building with an elevator. It will offer 32 one-bedroom and 20 two-bedroom apartments. Current projected rents are $565 to $975 per month, depending on size of unit and income restriction.
All units at Timber Ridge will feature contemporary designs, quality finishes, and energy-efficient appliances, including dishwashers. Community amenities include a multipurpose room with kitchenette, a fenced dog park, and outdoor seating. Timber Ridge will be ENERGY STAR certified.
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 a part of the Timber Ridge financing.
“Timber Ridge is an exciting housing development in the second ward. We need more housing in Davenport, especially good quality housing, especially in northwest Davenport. We’re excited to welcome this new development to Davenport,” said Davenport Alderman Kyle Gripp.
Primary financing was supported by the allocation of 9% housing tax credits by the Iowa Finance Authority (IFA). “IFA is proud to support this project, which will bring new affordable housing options for seniors in Davenport,” said Iowa Finance Authority and Iowa Economic Development Authority Director Debi Durham. “Developments like this are exactly what Iowa needs to meet our housing demand and ensure all Iowans have access to safe, quality and affordable homes.”
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 Ryan Olman, Senior 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 a 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 J. Goerdt, Vice President, 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 be creating 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, and well-maintained,” said Barry Accountius, Vice President-Development for Woda Cooper Companies.
Timber Ridge is Woda Cooper Companies’ eighth affordable housing community developed in Iowa and first location in Davenport. Other Woda Cooper properties are located in Wilton, Cedar Rapids, Indianola, Johnston, and Des Moines. Earlier this year, IFA allocated housing tax credits to support financing for a new senior community Woda Cooper will develop in Newton called Brockton Place.
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.
###
