Student Housing Business is the voice of the student housing industry.
Issue link: https://studenthousingbusiness.epubxp.com/i/564824
COMPANY PROFILE STUDENT HOUSING BUSINESS .COM JULY/AUGUST 2015 71 The Ohio State University at Marion. In addi- tion, Annex acquired two projects at Indiana University Southeast in New Albany. One of the projects is a former tax credit housing proj- ect that is being converted to student housing. The second project is adjacent; both are being converted to 254 beds of student housing. The company is also under contract to acquire a project in suburban Detroit near a technical college. For fall 2016, Annex is developing a 332-bed project at the University of Central Missouri in Warrensburg. In Indianapolis, the compa- ny is developing a 575-bed project at Indiana University-Purdue University Indianapolis. At Ohio University in Lancaster, the company is developing a 134-bed project. Annex has its own construction department in-house to retain control of the many projects going on at one time. "Our core values are surrounded by the theme of providing a Division I experience, atmosphere and product at underserved mar- kets," says Bach. "Whether a market is under- served by the virtue of having no housing or limited housing opportunities is really where we are focused." While Annex has a robust pipeline for 2016 and beyond, the company is seeking to expand beyond the Midwest. Bach reports that the company is getting a lot of inquiries from other institutions as word gets around about its suc- cess with smaller schools. With its frst projects, Annex had to chase down land and demon- strate the benefts of having housing to many of the smaller schools where it built projects. Now, schools are chasing the company as they understand the model. Based in Indianapolis, Annex currently has 13 employees, most of which are focused on its development and construction activities. Milhaus manages the company's properties. Annex's long-term business plan calls for it to own 20,000 beds by 2025. SHB In Indianapolis, Annex Student Living is developing a 575-bed project near Indiana University-Purdue University Indianapolis.