Annika Place in Traverse City, Michigan

Woda Cooper Cos. Opens $14.7 Million Affordable Housing Development in Traverse City, Michigan

by Channing Hamilton

TRAVERSE CITY, MICH. — Woda Cooper Cos. has opened Annika Place, a $14.7 million affordable housing project located at 947 S. Garfield in Traverse City. Annika Place offers 53 units, including 29 one-bedroom and 24 two-bedroom residences. The property is available to households earning between 30 and 80 percent of the area median income. Monthly rates range from $377 to $1,125 depending on the income restriction and size of the unit.

The Traverse City Housing Commission will provide rental assistance for eight units, which will be occupied by formerly homeless residents. The Michigan State Housing Development Authority allocated Low-Income Housing Tax Credits for the project. Affordable housing finance syndicator CREA LLC invested in the credits to provide equity financing. Huntington National Bank provided a construction loan and permanent financing.

Hooker DeJong was architect on the project. Woda Construction Inc. was general contractor. Mansfield Land Use Consultants was the civil engineer. Sol Design + Consulting provided sustainability consulting. Woda Management & Real Estate, the management division of Woda Cooper Co., will oversee leasing and property management. 

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