Indianapolis — Student housing developer Annex Student Living has completed its corporate restructuring and launched a new division, Annex Construction, to meet increasing demand for purpose-built student housing in secondary and tertiary markets.
Founded in 2009 by CEO Kyle Bach, Annex Student Living had been operating under parent organization Mecca Companies, an affordable housing development and neighborhood redevelopment firm founded by Bach in 2006.
Bach recently separated the companies to focus solely on student housing through Annex Student Living, especially in Midwestern communities where regional campus colleges and Division II and III universities are located.
"When we started in property development with Mecca Companies, we were focused mostly on affordable housing and low-income tax credit housing opportunities. Over the years, we identified and started addressing an unmet need for purpose-built student housing in secondary and tertiary markets," says Bach.
"As we've experienced over just the past two years, the need for affordable student housing in these communities is so great that we have restructured and expanded our operations to focus solely on collegiate housing," he added.
In the past 18 months, Annex has added eight properties to its student housing portfolio. The developer now has 1,700 beds in various stages of operation in Indiana, Illinois and Ohio, with several hundred more under construction in Indiana, Ohio, Kentucky and Missouri.