University of Memphis
A 542-bed residential community on the Park Avenue Campus, bringing modern apartment-style living to University of Memphis students. Opened August 2026.
New housing for the Park Avenue Campus
The University of Memphis partnered with Madrone Community Development Foundation to deliver a significant addition to its student housing inventory: a four-story residential community with approximately 542 beds across 242 rental units, located on the university's Park Avenue Campus.
Developed by The Annex Group, the community features studio, two-, and four-bedroom units alongside study and social spaces, outdoor living areas, and grab-and-go dining — while the university preserves its balance sheet for its core academic mission. The community opened to residents in August 2026.
The structure
The project was financed through the sale of approximately $70.9 million in tax-exempt bonds and $2.2 million in federally taxable bonds issued by The Health, Educational and Housing Facility Board of the City of Memphis. Proceeds were loaned to a single-purpose Madrone subsidiary, which owns the project as a 501(c)(3)-controlled entity. Debt service is paid from project revenues — not from university funds, and without any university guarantee.
Highlights
- Approximately 542 beds in 242 rental units
- Four-story residential community on the Park Avenue Campus
- Approximately $73 million in tax-exempt and taxable bond financing
- Issued through The Health, Educational and Housing Facility Board of the City of Memphis
- Nonprofit ownership through a Madrone single-purpose entity — no university debt or guarantee
- Opened to residents in August 2026
Explore more of our work.
See how the same model is delivering housing at Florida Tech, MTSU, and Morehouse & Spelman Colleges.
All Projects