Annex Student Living Plans $32M Project Near IUPUI in Indianapolis
- May 18, 2015
B Adriana Pop, Associate Editor
As demand for student housing in Indianapolis continues to trend upwards, locally based Annex Student Living LLC is proposing the construction of a 248-unit, 535-bed apartment development near the downtown IUPUI campus.
According to the Indianapolis Business Journal, the $32 million project called The Annex on 10th will rise on a four-acre site along West 10th Street west of the White River. Annex Student Living has agreed to purchase the land as soon as the City green lights its rezoning. The company is assembling the property from two separate owners, the American Wire Rope & Sling manufacturing plant which occupies the northern portion, and a private investor who owns the vacant southern parcel.
If approved, the project could break ground in late summer and be complete before the start of the fall 2016 semester. It will feature a mix of studio apartments, as well as two- and four-bedroom units and townhomes, with monthly rents ranging from $500 to $950 per bed.
Annex has selected CSO Architects, American Structurepoint, Rowland Design and CONTEXT Landscape Architecture as partners on the development.
“We began scouting locations last year to meet the need for IUPUI student housing,” Annex Student Living CEO Kyle Bach said in a news release. “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.”
Founded by Bach in 2009, Annex Student Living has developed 10 student-housing projects across the Midwest. Currently valued at more than $70 million, the developer’s portfolio is estimated to exceed $150 million by 2016.
Photo credits: CSO Architects