UT May Purchase High-Rise Apartment Complex

KNOXVILLE, Tenn. (AP) -- The University of Tennessee is seeking approval to purchase an apartment complex development near campus to meet demands of a growing student body.

UT wants to purchase Knoxville Place from the UT Foundation Inc. for about $56 million. The high-rise complex was built in 2004 and financed through about $60 million in bonds.

The complex has capacity for 782 students. Each apartment has private bedrooms, a kitchen, washer and dryer and furniture.

The UT Foundation is expected to vote on the proposal at its Sept. 17 meeting. If approved, it would go before the UT Board of Trustees in November.

(Copyright 2007 by The Associated Press. All Rights Reserved.)

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  • by Jeff Location: Knoxville on Sep 13, 2007 at 05:51 PM
    This situation needs to be watched carefully. The UT Foundation has not been scrutinized as well as the university itself even though the foundation manages funds donated to the university. Having one buy property from the other doesn't make a lot of sense to me when the UT Foundation is supposed to act to benefit UT itself.


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