The Annex Group, a student and affordable housing developer, and Servitas, a privately-owned real estate development firm specializing in student housing, recently reached a public-private partnership student housing development at the University of Louisiana Monroe.
The $26 million, 127-unit (372 bed), on-campus housing development will be located at 101 Peyton Drive. The project will provide on-campus affordable student housing for the students at ULM and offer a meaningful opportunity to enhance the campus experience and promote academic success. The facility is being developed independent of funding from the university or the state of Louisiana.
“Our partnership with Provident Resources Group, a national non-profit foundation, and ULM lets us address the housing need on the campus, specifically adding in-demand beds targeted at upperclassmen and medical students — at affordable rates,” said Angel Rivera, Vice President of Real Estate Development for Servitas. “This is the first new on-campus housing at ULM in over a decade.”
Each unit will include a full kitchen, with a refrigerator, range, dishwasher, and washer and dryer. The development will offer sought-after amenities, including a retail food establishment, fitness facility, on-site parking, and study areas for students. The new development will break ground in July 2019 and is set to be delivered in August of 2020.
The fully furnished units will rent individually by the bed for students, with 26 one-bedroom, 29 two-bedroom units and 72 four-bedroom units available for the Fall 2020 semester. Rents will be competitive with the existing ULM on-campus housing.
The project was financed through a tax-exempt bond issue, underwritten by Raymond James, with participating support from Provident Resources Group, who will own the building.