The University Glen Apartments and Town Center at Cal State University Channel Islands will now be run by a private company. This comes after the school decided to sell the asset in a 82-year leasehold agreement for $81 million.
The University Glen Apartments and Town Center are just east of the center of campus. Cal State University of Channel Islands says the main point of the transaction is so the school can focus on education and making room for more students.
The public-private partnership agreement will give global real estate company, Kennedy Wilson, the operating and management rights to University Glen Apartments and Town Center for the next 82-years. CSUCI says the $81 million made in the deal will help the school pay off debt and move forward with its expansion plan to double enrollment by 2025.
“This deal really gives us a lot of flexibility to accommodate our growth, and this is something really new for the CSU as a whole. We are really excited to be on the cusp of leading this effort in accommodating growth within the system in our campus specifically in this new age where public funds are much more limited,” said Senior Director of Planning Design and Construction for CSUCI. John Gormley.
Kennedy Wilson says it will continue to rent out the 386-units and that it also plans to add value to its acquisition by building a community center, fitness center and renovating the housing units.