MURFREESBORO, Tenn. — Housing developer The Annex Group and Middle Tennessee State University announce the successful financial closing for Womack Commons, a $56 million-plus new student housing community at MTSU, clearing the way for construction to begin on the university’s Murfreesboro campus this month. 

Financing for the project closed Dec. 23 with the completed sale of $56,535,000 in tax-exempt and taxable bonds issued by the Health and Educational Facilities Board of Rutherford County.

The state of Tennessee and Madrone-MTSU Student Housing LLC, a subsidiary of Madrone Community Development Foundation, have entered into a ground lease agreement as part of the transaction. Raymond James was the underwriter for the bond offering, and BAM Capital was the bond issuer. 

With completion scheduled for the summer of 2027 ahead of the fall semester, Womack Commons establishes a vibrant gateway to the MTSU campus while diversifying the university’s housing offerings. It is The Annex Group’s second campus housing public-private partnership, or P3, development in Tennessee. 

A leading impact housing developer that creates affordable, workforce and purpose-built student housing communities, The Annex Group was named developer on the project after securing MTSU’s first student housing public-private partnership last year. The Annex Group is also the general contractor, facility manager and asset manager for the community. 

MTSU will provide residence life, leasing and assignments to provide a seamless experience for students. 

Plans for Womack Commons include 554 beds of semi-suite and suite-style living units in a combination of private and shared bedrooms. Located at the corner of Homecoming Drive and Blue Raider Circle, the planned new residential community will serve as a vibrant gateway to campus, connecting to adjacent academic, recreation, parking and a future residential village. 

Designed by Smith Gee Studios and SCB, the project will include a staffed front desk, entry and floor lounges, community kitchen, laundry room, private and small group study spaces, landscaped courtyard, and MTSU residence life offices. The new development will replace the aging Womack Lane Apartments, which were built nearly five decades ago with a capacity of 250 residents.