The University recently acquired three apartment complexes in an effort to increase on-Grounds housing for upperclassmen.
The purchase of the University Forum Apartments, located off Ivy Road, and apartment complexes located at 411 Brandon Avenue and 405 Valley Road will add a combined 261 beds to the University Housing Division.
The University purchased the University Forum Apartments for $6.95 million. Wade Apartments, LLC sold the Brandon Ave. apartments to the University for $4.05 million and the transfer of the University-owned parking lot on the corner of Wertland Avenue and 14th Street.
According to Richard Kovatch, associate vice president for business operations at the University, the apartments were purchased to be a significant addition to upper-class housing options.
"The data has shown that the closer students are to Grounds, the better engaged they will be," said Milton Adams, vice provost for academic programs.
The University has been interested in increasing the amount of on-Grounds housing for upperclassmen for several years.
"We have targeted over the years that we would like to house 50 percent of the undergraduate class," Kovatch said. "We are currently pretty close to the 50 percent mark."
In addition, some of the apartment complexes were purchased with other projects in mind.
"I think there are certain strategic properties around the area that the University has been interested in acquiring," Kovatch said.
Kovatch added that some of the properties were purchased for possible development with the South Lawn Project.
The University hopes to make these apartments available to students for the 2006-2007 academic year.
"As students vacate these properties, they will become available through the housing assignment process," Kovatch said.
The apartments are expected to convert easily to on-Grounds housing.
"Whenever we buy property, we usually go in and make small changes but no major renovations are planned," said Tim Rose, U.Va. Foundation chief executive officer.
Kovatch said this purchase is not connected to the proposed demolition of the Alderman Road Dorms.
"This is totally separate," Kovatch said. "We're moving forward with the Alderman Road project, and this is in addition to that"
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