The developer hopes to capitalize on the nearby university’s significant enrollment growth by providing 87 upscale units.
Indianapolis – Student housing developer Annex Student Living, which specializes in building multifamily developments in under-served collegiate communities, recently broke ground on a new development in Missouri called Annex 56.
The 120,000-square-foot, 324-bed student housing community will be situated next to the University of Central Missouri in Warrensburg, Mo. The development will begin welcoming student occupants in August 2017.
The university, with an enrollment of more than 12,000 students hailing from 49 states and 56 countries, sprawls across a 1,561-acre campus. It is located directly west of Sedalia, and east-southeast of Kansas City.
“The University of Central Missouri has experienced tremendous enrollment growth over the past five years,” Indianapolis-based company President & CEO Kyle Bach told MHN. There’s been, he added, “no new off-campus housing to absorb that growth.”
Annex 56 will provide 87 units of two-bed, two-bath and four-bed, four-bath apartments priced slightly below $500 per bed per month, including most utilities.
When Annex Student Living was in the process of considering acquiring the parcel, the site’s upside was its close proximity to campus, Bach said. What were the minuses? “The slope of the property, which adds significant site cost,” he noted.
The approximately 4-acre site was acquired in an off-market transaction for $1.25 million. Construction costs will be $11.5 million.
“With the amount of multifamily projects under construction, the demand for quality labor has increased significantly as has [its] pricing,” Bach said. “Our construction team has worked hard on getting the numbers where they need to be.”
Students will have individual leases, meaning each student will be responsible only for his or her share of the rent. Each unit will be fully furnished and feature private bedrooms with private bathrooms.
“We are very excited to be part of the Warrensburg and UCM communities,” Bach said. “We look forward to providing an upscale, yet affordable and conveniently-located housing option for students within short walking distance of campus.”