Indianapolis — Annex plans to grow student portfolio to $100 million by 2016.
Indianapolis — Indianapolis-based student housing developer Annex Student Living is developing and acquiring at three sites in Indiana. Annex of Kokomo, near Indiana University Kokomo, is a 139-bed new construction project with a total development cost of $7 million. Annex of South Bend, near Indiana University South Bend, is a 133-bed acquisition and renovation with total development cost of $7.5 million. Annex has also acquired a student apartment and townhome community adjacent to Vincennes University in southwestern Indiana. The complete renovation of the 128-bed Annex of Vincennes development is now underway at an investment of more than $4 million. According to annex, the developer's portfolio now amounts to approximately $35 million and contracts are in place to grow total assets to close to $100 million by 2016.
Annex was founded by President Kyle Bach in 2009, with the goal of creating or acquiring student living communities and mixed-use developments at regional campuses, community colleges and division II and III campuses across the Midwest. Annex Student Living has about 700 beds in its portfolio with several hundred more in development.