University of Memphis to Develop 540-Bed Student Community
This project is slated for completion by fall 2026.
University of Memphis has partnered with The Annex Group for the development of a 540-bed, on-campus student community. The apartment-style housing property is slated for completion by fall 2026.
The project is part of a multi-phase master plan called Tiger Park, which consists of a 60,000-square-foot hub set to include a dining center, academic and student-athlete services, as well as a 20,000-square-foot soccer-track stadium with approximately 1,500 seats, on-site team locker rooms and training areas.
The student community will be available to both students and student-athletes. Apartments are set to feature studio, two- and four-bedroom layouts. Communal amenities will include study spaces, social spaces, outdoor living areas and grab-and-go dining options, along with approximately 300 parking spaces.
The property will take shape on the Park Avenue Campus, close to several dining options and Memphis Botanical Garden. Oak Court Mall, Laurelwood Shopping Center and Eastgate Shopping Center are within 3 miles from the campus, while Memphis International Airport is some 8 miles southwest.
There are currently four student housing communities serving the University of Memphis, amounting to 420 units or 1,322 beds, Yardi Matrix data shows. In 2021, The Annex Group opened an 85-unit, 208-bed student community in Memphis, Tenn.
ZDC Properties is awaiting final approvals for a student community within walking distance from the University of Memphis, same source shows. That property is set to include 92 units—or 267 beds.
Student housing experiences growth
According to a recent Yardi Matrix student housing report, 14 universities within Yardi 200 were more than 40 percent preleased as of October, compared to only two markets during the same period last year.
The student housing sector is seeing consistent growth in rent development, which reached 6.6 percent in October, up 190 basis points year-over-year. However, the universities that failed to reach 90 percent occupancy by fall 2023, including University of Memphis, saw rents down 4.7 percent in October.