INDIANAPOLIS (June, 2019) – The Annex Group, LLC is excited to announce its selection as the construction firm to build the first on-campus housing at National Park College (NPC) in partnership with Servitas, LLC, a privately-owned real estate development firm specializing in student housing. Annex Construction broke ground in July of this year on the 180-bed residential development.
Located in Hot Springs, Arkansas, the project will be funded using a public-private partnership (P3) structure and will feature a 48,500 square foot building with a bridge to the new Student Commons building that is currently under construction.
“The Annex Group is honored to serve as the construction firm on this very exciting project that will have a substantial impact on the National Park College campus,” said Tom Tomaszewski, Chief Operating Officer and President of Annex Construction. “Our team looks forward to working with Servitas and the institution to deliver an exceptional value to the students and community as a whole.”
NPC is the fourth largest community college in the state of Arkansas and serves approximately 7,500 students per year in credit and non-credit programs. The college released an RFP mid-year in 2018 for a student housing development. Servitas performed a feasibility study for the college to determine and understand student’s primary wants, needs, and budget. Seventy percent of responding students were interested in on-campus housing, especially those commuting more than 30 minutes to campus.
“Residence halls on campus will allow us to attract a new market of students,” said NPC President, Dr. John Hogan. “It is also an economic investment. Our ultimate goal is to retain those students in our community, so they learn here, earn here, and pour back into our local economy.”
The project is scheduled to be completed by fall of 2020. The double and single occupancy apartments will include amenities such as group study and collaboration spaces. Servitas will lead property operations and management.
“On-campus living will increase enrollment, encourage recent high school graduates to stay close to home, and attract students from outside the region to new or expanding degrees and athletic programs,” said David Braden, Vice President of Business Development at Servitas. “It’s a different experience for a student when it’s a residential (campus) as opposed to commuter. National Park College students will have an opportunity to interact and get to know each other to enhance their whole college experience.”
To learn more about The Annex Group and Annex Construction, visit www.theannexgrp.com.
ABOUT THE ANNEX GROUP, LLC
The Annex Group® is a leading student and affordable housing developer with a focus on providing innovative, amenitized housing in emerging markets throughout the United States. The Annex Group® encompasses a vast portfolio of communities valued at more than $250 million. Serving as a catalyst for economic development, The Annex Group® has overseen nearly $1 billion in commercial projects including redevelopment and ground-up construction. The Annex Group® is proudly headquartered in Indianapolis, Indiana. To learn more about The Annex Group®, follow them on Facebook and LinkedIn.
ABOUT SERVITAS LLC
Servitas is a nationally renowned real estate development firm specializing in student housing. The firm provides its clients with the full suite of services including market and demand research, development management, financial structuring (including public-private partnerships), construction management, and property management. Servitas has developed over 45 higher education student housing projects nationwide and secured over $1B in tax-exempt financing. More information on Servitas can be found at www.servitas.com.
ABOUT NATIONAL PARK COLLEGE
National Park College was established in 1973 and is located in Hot Springs, Arkansas. The College enrolls over 7,500 credit and non-credit students per year. NPC is a comprehensive two-year institution offering associate degrees and certificates as well as continuing education, community services and workforce training.