UALR to buy Coleman Place
UALR plans to buy Coleman Place apartments for $14.7 million, according to a proposal approved March 30 by the University of Arkansas Board of Trustees.
The apartments, which are located at 3200 Coleman Court along Asher Avenue south of the UALR campus, were built during the 2007-2008 academic year. The complex consists of 132 apartments with space for 420 residents. The purchase would include a 9.24 acre piece of land that borders the new UALR track and soccer complex.
According to the proposal, UALR recently entered into a contract with the owner to purchase the property for $14,687,500 that was conditional upon approval by the Board of Trustees and upon the closing of a bond issue at least in the amount of the purchase price of the property on or before May 18, 2012. The bond issue was also approved by the trustees. The total amount to be spent on the project, according to the proposal that was approved, is not to exceed $16 million.
The project “is immediately needed to provide for students attending UALR, and … [it] is in the best interests of UALR and the University [of Arkansas System],” the resolution said. The proposal was submitted by Chancellor Joel Anderson and UA System President Donald Bobbitt.
The complex is “of good quality and considered in average overall condition for construction of this age,” the proposal said.
Of the 132 units, 12 are one bedroom and one bath, 36 are two bedrooms and two baths and 84 are four bedrooms and four baths.
Each apartment comes with private bedrooms and bathrooms, furnished kitchens, furnished living rooms, full-size washers and dryers and a balcony for each unit.
The complex also includes a common building consisting of offices, a clubhouse and a fitness center, plus a swimming pool and basketball court.
The new property would increase the number of beds on campus to about 1,370. Currently, campus housing has space for about 950 residents in two residence halls and two apartment buildings.