The River Wood Apartments are located on a wooded site near downtown Wisconsin Rapids, Wisconsin. The site is about one mile from a grocery store, a bank, the Centralia Senior Center, a medical center, and several restaurants. The development includes 38 units in six, single-story buildings. There is a 28 two-bedroom residences, and 10 three-bedroom units. Each unit has an attached garage with a driveway, parking space, small covered porch, private outside entryway, appliances (range, refrigerator, and dishwasher), washer/dryer hook-up, a sleeve air conditioner, and window blinds. Domestic hot water, heat, and sewer services are provided.
CAP Services is the project developer of the River Wood Apartments and Great Lakes Capital Fund (GLCF) purchased the LIHTCs. CAP Services will also provide full property management services.
Through construction and recurring costs of operation, this investment is projected to add 56 jobs to the Wisconsin Rapids region. Additionally, the $4 million investment of LIHTC equity will add $3.7 million in local revenue and $482,440 in local incomes, according to statistics from the National Home Builders Association and the Historic Tax Credit Coalition.
Tenants, elected officials, business representative, CAP Services staff and Board members, and others attended a ribbon-cutting and open house for River Wood Apartments, Tuesday, July 22.
