Indianapolis-based Annex Student Living is proposing to build a $32 million housing project near IUPUI. The student housing developer says construction on the six-story building could wrap up in 2016.
May 5, 2015
INDIANAPOLIS, Ind. – Indianapolis-based student housing developer Annex Student Living is proposing to build a six-story, 535-bed apartment development in downtown Indianapolis close to the campus of IUPUI. The developer intends to purchase a 4-acre parcel of land at 1717 W. 10th Street, near the intersection of West 10th and White River Parkway.
The project, called The Annex on 10th, is soon to be heard before the Metropolitan Development Commission. Once rezoning of the property is approved by the City of Indianapolis, Annex will begin construction on the 248-unit building with completion slated for the start of the fall 2016 college semester.
The Annex on 10th will offer a mix of studio apartments, as well as two- and four-bedroom units and townhomes, priced from $500 to $950 per bed per month. Students will have individual leases, so even in multi-bed units, each resident will be responsible for only their share of the rent and utilities.
“We began scouting locations last year to meet the need for IUPUI student housing,” says Annex Student Living CEO Kyle Bach. “The two parcels of land we intend to acquire for The Annex on 10th were not on the market but we identified the location as convenient and ideal for students to be able to walk to campus. We’re happy that we were able to come to terms with the property owners.”
Annex has selected CSO Architects, American Structurepoint, Rowland Design and CONTEXT Landscape Architecture as partners on the project.
“Over the past decade, we’ve witnessed a significant increase in the demand for off-campus housing near regional campuses across the Midwest,” said Bach. “We look forward to providing an upscale yet affordable, and conveniently located option for students close to campus.”
Founded by Bach in 2009, Annex Student Living has developed 10 student-housing projects across the Midwest. The housing developer’s portfolio is valued at more than $70 million with assets projected to grow in excess of $150 million by 2016.
For more information about Annex, log on to www.annexstudentliving.com.
Source: Annex Student Living