INDIANAPOLIS (August 18, 2020) – The Annex Group®, a leading affordable, workforce and student housing developer, announces today the closing of The Annex of Memphis, a student housing development at the University of Memphis in Memphis, Tennessee. The $19.1 million, 85-unit (208 beds) housing development will be located at 3601 Midland Ave. Memphis, Tenn. 38111.
The Annex of Memphis will be the closest student housing facility to campus and is just a 15-minute drive to downtown Memphis. The property offers studio, 2, 3 and 4-bedroom options and features competitive rates, gated parking, ample outdoor space and other amenities. Costs per occupant per month will be: studio – $1,050, 2-bedroom – $860, 3-bedroom – $795, 4-bedroom – $705.
“The University of Memphis has experienced an uptick in student enrollment over the last couple of years, and we know this means more people will be looking for somewhere to call home,” said Kyle Bach, CEO of The Annex Group. “We want to offer a property that is as beautiful and comfortable as it is convenient. Memphis is a great place to live, with ample amenities and things to do, affordable housing and top-rate education through the university. The Annex of Memphis will offer a brand-new, move-in-ready location for students looking to focus on their education while also enjoying what this great city has to offer.”
The Annex Group has partnered with First Merchants Bank as the debt provider, Granite Student Living as the property management company, and Axis Architecture + Interiors as the architecture firm. As part of the capitalization of the project, The Annex Group raised $6.3 million in crowd-sourced equity from individual investors on CrowdStreet, an online real estate investment marketplace for institutional quality commercial real estate.
Christy Grimste of Pinnacle Development Group, a partner on the project and who sourced the deal, says, “It’s so exciting for U of M students to have this great new option for housing. With a state-of-the-art fitness center, gated/covered parking, and additional security features, this property will be able to offer students things they can’t find elsewhere, and near Highland Street as well. The city and the neighborhood have been great to work with, and The Annex Group and I are happy we can contribute to the campus’s surrounding and evolving pedestrian area.”
Construction on The Annex of Memphis will begin in the coming weeks. Anticipated student move-in will be the summer of 2021.
ABOUT THE ANNEX GROUP®
The Annex Group® is a leading affordable, workforce and student 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 $500 million. Serving as a catalyst for economic development, The Annex Group has overseen over $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.
CrowdStreet operates an award-winning online commercial real estate investment marketplace that gives investors access to institutional-quality offerings. Individuals have invested more than $1.2 billion in equity across more than 460 deals on the CrowdStreet Marketplace, representing approximately $13.8 billion of total project capitalization. CrowdStreet technology allows sponsors to raise capital through online syndication and manage their investors, both on the Marketplace and with a SaaS solution. CrowdStreet is helping to create a community where individual investors and CRE firms can work together to build wealth through commercial real estate. For more information about CrowdStreet, visit https://www.crowdstreet.com/.