Pleasant Hill, IA – June 14, 2022
Spring Creek Apartments, a 36-unit affordable, age-restricted (55+) apartment building in Pleasant Hill, hosted a ribbon cutting ceremony on Thursday, June 9, 2022 to celebrate its grand opening.
The property, at 6120 NE 12th Ave., is a newly constructed 3-story residential complex developed by owner Wishrock Housing Partners LLC, a national developer of affordable housing. The property is managed by Allterra Property Solutions. The apartments are income restricted, most of which are reserved for residents who earn up to 30%, 40% or 60% of the Area Median Income.
The development of Spring Creek was financed through an award of Low-Income Housing Tax Credits (LIHTC) from the Iowa Finance Authority and a permanent loan from Midwest Housing Development Fund. The tax credit equity investor is Midwest Housing Equity Group. The construction loan was provided by Horizon Bank.
The development was designed by Simonson & Associates and constructed by Koester Construction, Inc. Construction began in May 2021. Total development costs were $7.25 million. Building amenities include in-unit washers and dryers, WiFi, a community room, balconies or patios for each unit, storage rooms in each unit, and energy efficient heating and cooling systems.
The 10 a.m. ceremony included remarks by Sara Kurovski, Mayor of Pleasant Hill, and from Debi Durham, Director of the Iowa Economic Development Authority and Iowa Finance Authority. Remarks were followed by the ribbon cutting and a self-guided tour of the building, including a model unit. Light refreshments were served.
“Safe and healthy affordable housing is needed everywhere, and we are so pleased to have added thirty-six new units to the Pleasant Hill community,” said Penn Lindsay, Vice President of Development for WISHROCK. “We look forward to working with Iowa Finance Authority on future projects.”