INDIANAPOLIS – Indianapolis-based student housing developer Annex Student Living has added three Midwest assets to its portfolio in the last 12 months. The property developer’s portfolio now amounts to over $35 million and contracts are in place to grow total assets to nearly $100 million by 2016.

Founded by President Kyle Bach in 2009, the company’s goal is to create or acquire student living communities and mixed-use developments at regional campuses, community colleges and Division II and III campuses across the Midwest. Annex Student Living has nearly 700 beds in its portfolio with several hundred more in development.

“When seeking partnerships with colleges and universities, we’ve seen a great need for affordable student housing options near regional and largely commuter-based collegiate communities,” Bach states. “These students want the same quality education promised at a residential institution, but in living off campus, they want a comfortable, modern and convenient place to congregate and study that gets them about as close as they can get to the on-campus experience.”

Most recently, Annex announced the acquisition of a student apartment and townhome community adjacent to Vincennes University in southwestern Indiana. The complete renovation of the 128-bed Annex of Vincennes development is now underway at an investment of more than $4 million.

This purchase marks the third Indiana development that Annex will complete by student move-in for the 2014-2015 school year. Additional developments now leasing include:

  • Annex of Kokomo: 139-bed new construction with total development cost of $7 million
  • Annex of South Bend: 133-bed acquisition and renovation with total development cost of $7.5 million

Annex has four additional student housing projects under contract in Indiana, Ohio and Kentucky scheduled to open by the 2015-2016 school year.