Charles E. Lakin Foundation Breaking Ground On $5.5 Million Apartment Development In Malvern
Construction of the 24-unit rental housing development in Malvern is expected to be completed in 2028.
The Charles E. Lakin Foundation is breaking ground Wednesday, Nov. 4, on the Florence Apartments, a $5.5 million development that will bring 24 new rental homes to Malvern, where demand for quality rental housing has outpaced supply and existing units are fully occupied.
The groundbreaking ceremony will take place at 10 a.m. at 902 2nd Ave.
Debi Durham, Director of the Iowa Economic Development Authority and Iowa Finance Authority, plans to attend and join local leaders, project partners and community members in marking the start of construction.
“Malvern is a community people want to call home, and right now there just aren’t enough places to rent. Florence Apartments is the Foundation’s investment in meeting that demand and in the long-term vitality of this community,” said John L. Hoich, Vice President of the Charles E. Lakin Foundation.
The project received a $720,000 award through the Iowa Economic Development Authority’s Workforce Housing Tax Credit program for fiscal year 2027 — the first Workforce Housing Tax Credit award ever made in Mills County.
The development will include three two-story buildings of eight units each: 12 one-bedroom and 12 two-bedroom apartments designed for residents at every stage of life, from young professionals and newcomers to working families. Leasing is expected to begin in late 2027, with construction complete in early 2028.
Planned features include modern finishes, quality appliances, in-unit laundry hookups, secure building access and off-street parking, plus two detached garage buildings with 14 enclosed stalls.
Through MidAmerican Energy’s Commercial New Construction program, the apartments will also include high-efficiency heating and cooling, enhanced insulation, energy-efficient windows and LED lighting to improve energy performance and help lower residents’ utility costs.
Project partners believe the Florence Apartments will connect residents to jobs, services and amenities in Malvern, Glenwood, Council Bluffs and the greater Omaha metropolitan area.