A couple of months ago, I wrote about N.C. A&T’s plans to buy nine apartment buildings near campus. The deal to acquire two parts of Campus Evolution Villages wasn’t yet done when I wrote the story, and A&T didn’t disclose the purchase price.
But the deal closed a month after my story ran. The purchase price for the two properties, according to the Guilford County Register of Deeds office: nearly $19.6 million.
Now that the deal is done, A&T (see the P.S. below) added about 7.5 acres and 360 badly-needed dorm beds to its campus.
In the short-term (and probably the long-term, too), A&T will continue to use the apartments as student housing. The university had been leasing the buildings for the past two years to accommodate some of the rising demand for campus housing.
Speaking of A&T’s expanding campus, I wrote back in April that the university was eyeing a bigger and better space for the marching band. (See the first note on this story.) That deal also has gone through.
For $3.5 million, the university got the property at 899 E. Lindsay St., which has two warehouse buildings on about six acres across from Aggie, er, BB&T Stadium.
The larger of the two buildings is occupied by a company that makes webbing and fabrics for chairs and other furniture. A&T leases the smaller of the two for the Blue & Gold Marching Machine.
The eventual plan is to move the band into a renovated portion of the larger building. The new building should give band members more room to practice and more space to store their instruments. I haven’t seen a definite timetable on renovations or a move, but I’ll report on it when I do.
P.S.: A technical note: The N.C. A&T Real Estate Foundation — not the university — handled both transactions and is thus the owner of both apartment properties and the warehouse site. UNC schools, for better or worse, routinely use affiliated foundations to buy property and build dorms and other non-academic buildings, among other things.
A&T's foundation has bought land for and built several other dorms, including Aggie Suites, Aggie Terrace and Pride Hall. They're managed by A&T's housing and residence life office just like all the other residence halls on campus. The only real difference is that room rents go back to the foundation to cover its construction and borrowing costs.