A joint venture between The Annex Group and Eastmark Capital Group is building The Annex of Pullman, a 399-bed community in Pullman, Wash., serving students at Washington State University. CUBE 3 is working on the architecture, interior design and planning of the community, alongside SynTier Engineering. Delivery is expected in the fall of 2024.
The $47.8 million project received financing from different sources. The partnership, alongside investors on CrowdStreet, provided $15.6 million in equity, while Citywide Banks, a member of Heartland Financial USA Inc., funded a $32.2 million construction loan.
CrowdStreet investors have been active in other student housing markets as well. At the beginning of last year, Fountain Residential landed $23 million in joint venture equity through CrowdStreet for a 630-unit development in Clemson, S.C., serving students at Clemson University.
A Class A asset underway
Upon completion, the Class A community will comprise seven three-story buildings with 204 one- to four-bedroom apartments. Amenities will include an outdoor patio, fitness center and clubhouse, as well as study rooms and bicycle parking.
Located at 1555 NE Northwood Drive, The Annex of Pullman will be within walking distance of the Washington State University campus and within a mile of Martin Stadium. The city center, offering students numerous dining and entertainment options, is 2 miles away.
There are six properties totaling some 3,720 bedrooms that cater to WSU students, Yardi Matrix data shows, with two more underway, that will add some 2,100 bedrooms to the inventory. This makes the institution one of the top 20 U.S. universities in terms of pipeline size, according to the same data provider.