INDIANAPOLIS – Indianapolis-based student housing developer Annex Student Living announces the development and acquisition of five Midwest apartment properties with an investment of $41 million. Accounting for more than half its portfolio growth over the last 12 months, these properties put the developer on track to grow total assets to $100 million by 2016. Annex Student Living now has nearly 1,500 beds in its portfolio valued at $75 million.
Annex Student Living was founded in 2009 by CEO Kyle Bach with the goal to meet demand for student housing at regional campuses, community colleges and Division II and III campuses throughout the Midwest.
“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. “The number of students who want the same quality education promised at a residential institution yet choose to live off campus is growing exponentially. We are meeting that demand by providing a modern environment near campus where students live with fellow students and still can experience traditional college life.”
Annex added the following to its portfolio:
- The Annex of Columbus (Indiana): New development, 112 beds
- The Annex of Richmond (Indiana): New development, 216 beds
- The Annex of Murray (Kentucky): New development, 268 beds
- The Annex of Marion (Ohio): New development, 192 beds
- The Annex of Lima (Ohio): Acquisition of 126-bed property
Students will be able to move in to the new developments for the Fall 2015 semester. Most recently, Annex added three student apartment communities to its portfolio in Indiana with an investment of $18.5 million. The Annex developments in Kokomo, South Bend and Vincennes were ready for occupation at the start of the Fall 2014 semester