UNC Today: UNC Officially Sells University Apartments
February 15, 2017
The University of Northern Colorado closed on the sale of University Apartments on Wednesday afternoon and has officially transferred ownership of the property.
The buyers, Bears Village LLC and MMP Ventures LLC, intend to continue operating the 98-unit complex as student housing and are collaborating with UNC to ensure a smooth transition.
The purchase price of the 76,150-square-foot complex, which offers two-bedroom, one-bathroom units at 509 18th St., was $7.1 million.
Last spring, UNC Board of Trustees authorized the sale of University Apartments and factored into the decision the deferred maintenance needs of the complex UNC has owned and operated since 1967. UNC can meet housing demand by accommodating over 3,000 students in 16 residence halls on central and west campuses and Arlington Park Apartments south of the University Center.
UNC has remained in contact with current residents of University Apartment about the process throughout the year. They were notified of the pending sale Jan. 13. Lease agreements that run through the end of the academic year will be honored.