With the addition of three Midwest assets over the past year, Indianapolis-based student housing developer Annex Student Living increased its portfolio by $35 million and has contracts in place to grow its total assets to nearly $100 million by 2016.
The most recent transaction for Annex included the acquisition of a student apartment and townhome community next to Vincennes University in Vincennes, Ind. The 128-bed community, branded Annex of Vincennes, is in the heart of a $4 million renovation.
The other two assets taken on by Annex over the past 12 months include the Annex of Kokomo, a $7 million, 139-bed newly constructed student community in Kokomo, Ind., and the $7.5 million acquisition of the 133-bed Annex of South Bend in South Bend, Ind.
“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,” says Annex Student Living President Kyle Bach. “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 to the on-campus experience.”
Founded in 2009 by Bach, Annex Student Living has a nearly 700-bed portfolio with several hundred more currently in development. The company, which strives to acquire student communities and mixed-use developments at regional campuses, community colleges and Division II and III campuses across the Midwest, has four additional student housing projects under contract in Indiana, Ohio and Kentucky, all of which are scheduled to open by the 2015-2016 school year.
By Joshua Ayers, Senior Editor