MEMPHIS, Tenn. — An apartment complex that has seen different cases of gun violence in the past weeks will soon be managed by the University of Memphis.
Municipal Acquisitions, a private real estate investment firm in Washington DC will dish out the millions for The Gather on Southern Apartments.
Tuesday’s trustee vote gives the firm the green light to buy the complex and the five-acre property from the current management group for $28 million.
Municipal Acquisitions will donate the $3 million land to the U of M.
The firm will then enter a lease agreement with the U of M for the $25 million property.
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The two will then create a management and maintenance agreement that will allow the university to manage the apartments as a residence hall for 30 years.
After that, the U of M will own the property and the DC firm will no longer be involved.
The university said this has been in the works for more than 3 months. After the recent violence at the complex, students said a new management group is great.
Once finalized, the University of Memphis will expand its safe perimeter and have extra security in that area.
Cox Media Group