Grand Campus at Eastern Kentucky University
$59 million transaction
Eastern Kentucky University had a long-term lease, with no pathway to ownership, for an on-campus student housing building. The university had interest in owning the asset as well as turning an underutilized recreation area into a new garden area and building a multi-story parking garage.
Through our innovative approach, Municipal Acquisitions purchased the student housing facility from its local developer. Municipal Acquisitions restructured the lease with EKU and provided additional benefits that were not available under the previous lease. As a result of the unique project structure, Municipal Acquisitions offered two options: 1) Reduce occupancy costs or 2) construct much-needed additional campus improvements within the existing budget.
EKU elected to have Municipal Acquisitions fund the construction of both the Carloftis Gardens and a 350-space parking garage without increasing EKU’s rental expense. The gardens were delivered in time for the 2016 Homecoming festivities and serve as the centerpiece of the University’s main gates.