The Board of Trustees of Southern Arkansas University voted Monday to purchase an 80-bed apartment complex near its campus.
As SAU continues to see significant growth, it has constructed three new residence halls, with ground recently broken for a fourth, and converted a nearby property to residential space. It will now purchase the property at 1300 Bluebird, known as the Bluebird Hill Apartments, located about one-half block from the campus. This addition will help meet the long-term strategic goals for SAU.
The purchase price is not to exceed $1.3 million. Trustees, in a teleconference meeting, approved an additional $100,000 for parking and other improvements. Trustees voted unanimously on Monday to authorize financing $1.4 million for the purchase, at a rate of about 4.25 percent, for up to 10 years.
The property will be used for student housing and operate under the SAU Student Housing Office. Approximately half of the units are currently occupied by SAU students. Payment will be derived from the revenue received from the rent of student housing units.
The five-building, two-story complex contains 24 one or two-bedroom units, with a total capacity of 80 students. It includes a swimming pool and laundry room.
Dr. Trey Berry, president of SAU, said the enrollment growth “has been a blessing,” and that additional growth is anticipated for the fall.