3225 Pennsylvania Avenue, Dubuque, IA 52001
Applewood III Senior Apartments
The project began early in 2009 with discussions between Horizon and the property owner regarding land acquisition. Horizon moved forward with a detailed due diligence effort including financial feasibility, market feasibility, construction cost analysis, site constructability and building design.
Horizon was able to utilize Iowa Finance Authority’s tax credit program and achieve a reservation in a very competitive pool of applicants. This award of tax credits, along with Horizon’s ability to establish investor equity and construction debt, provided project financing and allowed construction to commence by September 1, 2009.
Beginning construction in the fall allowed for move-ins to occur during favorable months in spring lease up and kept the building on pace to achieve financial goals. Horizon’s experience and budget/schedule-driven approach helped surpass our valued client’s expectations.
The three-story property includes a hair salon, a community room with a patio, and a fitness center for resident use.
- Horizon’s Role: General Contractor, Property Manager
- Project Type: Residential
- Client: Dubuque Bank & Trust
- Architect: ADCI
- Year Completed: 2010
- Size: 51,600 square feet
- Units: 43
- Building Components: Wood frame over underground parking