Memphis, Tenn. — The Annex Group is set to break ground on The Annex of Memphis, a 208-bed student housing community located at 3601 Midland Ave. near the University of Memphis. The property will offer studio, two-, three- and four-bedroom units. The Annex Group has partnered with First Merchants Bank as debt provider for the development; tapped Granite Student Living to manage the community upon completion; and selected Axis Architecture + Interiors for design services. As part of the capitalization of the project, the development firm also raised $6.3 million in crowd-sourced equity from individual investors on CrowdStreet. Construction on The Annex of Memphis will begin in the coming weeks with anticipated student move-in scheduled for summer 2021.
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