The University of Texas at Tyler is finalizing its purchase of the Village at the U Apartments, Jesse Acosta, vice president for business affairs, announced.
Located across the street from the university at 3088 Old Omen Road, the property will become UT Tyler housing, designed to offer a unique campus living option for university upperclassmen. The final purchase price is $20.3 million.
“This purchase will enable UT Tyler to continue the vision to be the destination campus for students coming from outside the East Texas region by offering unique living and community-building experiences,” said President Rodney H. Mabry.
UT Tyler plans to honor all current leases as it finalizes the university housing policies designed specifically for this facility.
“We are excited about the acquisition of this existing property,” said Dr. Howard Patterson, vice president for student affairs. “It represents a significant addition to our on-campus housing inventory and should be a highly attractive alternative to current and future students who might otherwise have lived off campus in some other apartment complex. This property will have many amenities to brand it as a UT Tyler property and be a great place to live while attending UT Tyler.
“Students living in this housing facility will be allowed certain amenities, like a bus shuttle system, that are currently not available at our other residence facilities. That and other changes will be a first for UT Tyler, and we’re certain students will be pleased,” he added.
The complex, which features a gated entrance, fitness center, game room, sand volleyball court, clubhouse and outdoor pool area, would bring the total of on-campus beds to more than 1,400.
The appraisal was submitted last December. The UT System Board of Regents approved pursuing the purchase in February. President Mabry gave the final approval for UT Tyler to take complete ownership on Friday, April 25.
Move-in for UT Tyler students can begin as early as August 2014, after university officials use the summer to make enhancements to the property.
“As part of the due diligence process, we inspected all of the apartments extensively. While the property is relatively new and in better shape than many of the four-star competitors, we plan to make some improvements over a period of several years to bring it up to our five-star standard,” said Acosta.