La Salle University sold two undergraduate residence halls on its Olney campus to a private investor who plans to use the two properties for affordable senior living and housing for insecure college students, writes Ryan Mulligan for the Philadelphia Business Journal.
The sales are part of the university’s strategic plan to place greater focus on creating a student-centric community around its quad and sports fields.
La Salle Apartments sold for almost $2.6 million, while nearby St. Teresa Court Apartments sold for nearly $599,000.
Both properties were acquired by Chicago-based 4S Bay Partners, a family firm that works on eliminating inequity mainly through housing projects.
“We were looking at the future of our infrastructure, the campus infrastructure vis-a-vis the strategic plan, and looking at where we wanted to make our strategic investments to best serve our students and what those investments would look like as it relates to the student experience,” said La Salle University President Daniel Allen.
He added that the school wanted to focus on the central part of campus and invest in the student experience.
Read more about La Salle University’s long-term plans for their Olney campus in the Philadelphia Business Journal.
La Salle virtual campus tour.
