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Daily Real Estate News  |  June 1, 2009  |   Unsold Condo Projects Converted to Dormitories
Universities around the country are acquiring troubled condominium projects to use as student housing.

In New York, Columbia University paid $67.6 million for a condo in the Bronx that was to be called the Arbor. It now will house graduate students.

In Columbus, Ohio, Capital University paid $4 million for a building originally developed for ages 55 and older. It will house 60 juniors and seniors in good academic standing.

With condo sales off 46 percent from the peak in June 2005, these sales are better than nothing for developers.

And for universities, it’s a great deal, too. "This is a bonanza of an opportunity ... for universities to acquire the space they desperately need," says Dan Fasulo, managing director of Real Capital Analytics.

Source: The Associated Press, Eric Tucker (05/29/2009)

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