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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