Student housing developer Spectra Student Living has broken ground on its latest development, Vivio on Tenth, in Indianapolis. The property is a new addition that will add 72 units to an existing building formerly known as The Annex on 10th, which was completed in 2017.
Spectra acquired the property from The Annex Group in February of this year for $23 million, according to Yardi Matrix data. Holladay Construction is the builder on the project, while CSO Architects is designing the new structure to look similar to the existing building.
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Located on West 10th Street, the community overlooks White River and is about a mile from the Indiana University-Purdue University Indianapolis campus. The community will house 179 units with 418 beds. Layouts include a mix of studio, one-, two- and four-bedroom apartments, which will be priced per bed and include most utilities. All units are furnished and feature kitchens, living areas with wood-style flooring and in-unit washers and dryers. Included in resident leases is internet, cable, sewage and trash removal services.
The pet-friendly student community offers resident amenities including a 24-hour fitness center, a media lounge, computer center, indoor bike storage, outdoor lounge and study room. Pre-leasing has begun at the property and an opening date is slated for August 2020.
Last week, Asia-based OC Ventures acquired The Automatic Lofts, a 482-bed student housing community in Chicago. The community serves the University of Illinois at Chicago, which is situated less than a mile away from the property.