Homes for students
$19M off-campus student apartment building planned near University of Memphis.
The Annex Group, an Indianapolisbased development company, has plans to build a new off-campus student housing building near University of Memphis.
The development will be a $19.1 million project at 3601 Midland Ave and will have 85 units, the company announced.
“The University of Memphis has experienced an uptick in student enrollment over the last couple of years, and we know this means more people will be looking for somewhere to call home,” said Kyle Bach, CEO of The Annex Group. “We want to offer a property that is as beautiful and comfortable as it is convenient. Memphis is a great place to live, with ample amenities and things to do, affordable housing and top-rate education through the university. The Annex of Memphis will offer a brandnew, move-in-ready location for students looking to focus on their education while also enjoying what this great city has to offer.”
The units will be a mix of studios, two-, three- and four-bedroom with individual leases for each room. The price per occupant in each of the units will be:
● $1,050 for studios.
● $860 per person for two-bedroom units.
● $795 per person for three-bedroom units.
● $705 per person for four-bedroom units.
There will be 208 beds in total. Residents will have gated and covered parking as well as an on-site fitness center.
Construction on the project is expected to begin soon. The first residents are expected to move in next summer.
Desiree Stennett covers economic development and business at The Commercial Appeal. She can be reached at desiree.stennett@commercialappeal.com, 901-529-2738 or on Twitter: @desi_stennett.