3275 Pennsylvania Avenue, Dubuque, IA 52001
Applewood IV Senior Apartments
Applewood IV is the fourth phase of affordable senior housing along Pennsylvania Avenue on the west side of Dubuque, IA. Horizon teamed with Midwest Affordable Housing Corporation to open the two-story, 60-unit community in October 2017.
Successful lease-up and occupancy at Applewood I, II, and III, as well as continued market demand for affordable housing, prompted us to evaluate and ultimately advance the fourth phase of housing.
Our experience in layered financing proved valuable in the ever-changing construction and financing markets. The project applied for and received an allocation of affordable housing tax credits through the Iowa Finance Authority which, upon sale, funded nearly 70% of the total project cost. Debt financing was pursued but a funding gap remained, creating a need to pursue additional financing.
The team applied for and received funding through the Federal Home Loan Bank of Des Moines Affordable Housing Program and approached the City of Dubuque for support in creating an Urban Revitalization Area that ultimately helped finance the project. Through creative financing and these beneficial programs, our team and our partners could fully fund the Applewood IV project and provide additional quality, affordable housing to residents of Dubuque.
Applewood IV includes spacious one and two-bedroom unit layouts, with apartment sizes ranging from 650 to 1,035 square feet. Residents enjoy an on-site hair salon, a community room with a patio, a fitness center, and storage lockers. The property is Energy Star 3.1 certified.
- Horizon’s Role: Developer, General Contractor, Property Manager
- Project Type: Residential
- Client: Applewood IV
- Architect: Bruce & Knothe
- Year Completed: 2017
- Size: 72,000 square feet
- Units: 60
- Building Components: Wood frame over heated underground parking