Annex Group to Develop $19.1M Student Housing Community Near University of Memphis
MEMPHIS, TENN. — The Annex Group will develop Annex of Memphis, a 208-bed student housing community near the University of Memphis. The Indianapolis-based developer expects development costs to total $19.1 million. The property will offer studio, two-, three- and four-bedroom floor plans. Rents will range from $1,050 per month per student for studios down to $705 per month for four-bedroom units. Communal amenities will include a fitness center and covered parking. The Annex of Memphis will be situated at 3601 Midland Ave., two blocks from campus and seven miles east of downtown Memphis. The Annex Group expects to break ground in the coming weeks and will welcome its first students in summer 2021. Axis Architecture + Interiors designed the community, which Granite Student Living will manage upon completion. First Merchants Bank is providing construction financing.