INDIANAPOLIS (March 13, 2019) – The Annex Group, LLC, a leading student and affordable housing developer, announces today the closing of an $18 million purpose built, multi-family housing development located at 509 W. Line Ave., in Ruston, Louisiana. The new development will break ground this month and is set to be delivered August of 2020.
The 118-unit (324 beds) purpose built, multi-family housing complex – dubbed The Annex of Ruston – will serve as one of the first off-campus properties financed using an opportunity zone investment structure. The development will include sought-after amenities such as a swimming pool, exercise room, study lounges, secured parking and more.
“We are thankful for the opportunity to provide a new housing option for the students of Louisiana Tech University and other members of the community,” said Kyle Bach, CEO of The Annex Group. “This new development will be our first in the state of Louisiana and we’re excited to bring this community to the City of Ruston.”
The fully furnished apartments will rent individually by the bed for students, with one-bedroom units starting at $725 per bed. Two-bedroom units will be available to rent starting at $690 per bed, three-bedroom units available starting at $560 per bed, and four-bedroom units available starting at $509 per bed.
The project was financed through a construction loan by KeyBank, with participating support from Gibsland Bank and Trust and an opportunity zone equity investment from Crescent Investment Advisors. The Annex Group worked in collaboration with the City of Ruston, KTGY Architecture + Planning and HGA Engineering to develop the proposed structure.
“The City is excited to work with The Annex Group who will construct Ruston’s newest purpose built, multi-family housing development that will continue to fill a need for Louisiana Tech students,” said Mayor Ronny Walker, City of Ruston. “The Annex approached the City about building this development but had three requirements: It must be close to Louisiana Tech to allow for ease of access, it had to be along the Greenway to provide safe transportation options and access to the surrounding neighborhood, and it had to be in an underdeveloped area to serve as a catalyst for further economic development. The Annex Group has a vision similar to ours, and we believe they will be a great community partner for years to come.”
“We took our style cues for The Annex of Ruston from the local design vernacular: white board and batten siding with red brick accents, double-hung windows and black shingled roofs with standing-seam metal accents reinforce the southern feeling,” said Craig Pryde, AIA, LEED AP, Principal of KTGY’s Chicago office. “The enclave of the development is planned around a central club house and pool area. We worked with the natural slope of the property, arranging the buildings around breezeways, convenient parking and pedestrian walkways. The effect is ease of access for residents with a sense of privacy and community in a gated complex.”
This development will be steps away from Louisiana Tech’s newly integrated Engineering and Science building, expected to be completed in the fall. Nearby will also be the newly planned Rock Island Greenway Trail, which will run directly adjacent to the new development and through the campus of Louisiana Tech University and into downtown Ruston.
ABOUT THE ANNEX GROUP®
The Annex Group is a leading student and affordable housing developer with a focus on providing innovative, amenity-rich housing in emerging markets throughout the United States. The Annex Group encompasses a vast portfolio of communities valued at more than $250 million. Serving as a catalyst for economic development, The Annex Group has overseen nearly $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, visit www.theannexgrp.com or follow them on Facebook and LinkedIn.