Annex Group Breaks Ground on Memphis Student Housing
This community will feature 542 beds for students and student athletes.
The Annex Group has broken ground on a new student housing community at the University of Memphis, in Memphis, Tenn. The community will be part of the Park Avenue Campus, also the future location of Tiger Park, an integrated academic and athletic facilities complex being planned by the University.
The student housing community is being constructed to provide housing for both students and student athletes. It will feature 542 beds.
Studio, two- and four-bedroom residences will be offered. The project will feature student spaces, social spaces and outdoor living areas, as well as grab-and-go dining options.
“As with any development project, there were challenges to overcome with this project,” Joy Skidmore, director of development for The Annex Group, told Multi-Housing News. “Due to the volatile interest rate environment at the time, the project funding structure was in flux until the very end.”
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Ultimately, the budget of the project was stabilized and a financial close was executed. Skidmore attributes the success to a creative scope in partnership agreements, value engineering throughout the design by the company’s in-house construction team and the assistance of its capital markets partner in optimization of the deal structure.
“Of course, none of it would have been possible without the flexibility and support of the University of Memphis’s leadership through the entire pre-development process,” he said.
Construction on the development is underway following a recent groundbreaking ceremony. The community is slated to open in fall 2026.
This will be the second Memphis housing community for The Annex Group. Off-campus housing community The Annex of Memphis, situated within steps of the University of Memphis, opened three years ago.
The Annex Group isn’t the only company looking to develop more student housing in the Southern part of the nation. As enrollment numbers surge, more investors are looking to enter undersupplied markets in this region.
