DURANGO, Colo. — In a move to address the growing need for student housing, Fort Lewis College completed the $12 million purchase of an apartment complex at 1304 Florida Road.
The acquisition, finalized on February 18, is a key step in FLC’s commitment to providing accessible and affordable housing for its students. The purchase, adding 20 apartments and 68 beds to FLC’s student housing portfolio, was financed through tax-exempt revenue bonds, which attracted strong interest from investors and enabled the college to secure favorable financial terms.
“The Board carefully evaluated the benefits of this purchase and determined that it is financially responsible and strategic, as it addresses our goal of expanding options for quality student housing near campus," said Board of Trustees Chair Mary Rubadeau.
“There was significant demand for the bond issuance, which made this a great financial opportunity for FLC,” added Samantha Gallagher, interim vice president for Finance and Chief Financial Officer. “Because of this demand, we were able to ensure that this project remains fiscally sustainable for the college.”
The newly acquired complex, which previously housed both students and non-students, will now be integrated into FLC’s housing system. While student accessibility will be prioritized, Interim President Steve Schwartz said 麻豆免费高清无砖码区is committed to ensuring a smooth transition for current residents. Current leases will be honored, with future leases offered to students and staff moving forward.
“This purchase represents a crucial investment in the well-being and success of our students,” he said. “Expanding our housing capacity allows us to better support students in their academic journey and overall college experience.”
The acquisition aligns with FLC’s strategic goal of expanding student housing options while maintaining affordability. The purchase agreement with BEP 1304 LLC was reviewed and approved by the Colorado Commission on Higher Education and the Capital Development Committee in late 2024.
Basic Needs Coordinator Stella Zhu said the purchase is a welcome addition to FLC’s offerings.
“This is a great step towards supporting our students and employees in finding affordable – and desirable – living spaces in the community. We now know what we have always known within our Student Well-being team: that stably housed students persist at higher rates and have better academic outcomes. I’m looking forward to more creative solutions from the institution to keep fostering a basic needs secure campus.”