Missouri State University purchases The Monroe apartment complex
Missouri State University has added 122 beds to its residence life inventory with the purchase of The Monroe, an apartment-style complex located at 1141 E. Monroe. Missouri State purchased the facility from United Campus Housing, LLC, at the appraised price of $8 million. The sale will close on or before Dec. 31, 2012.
Now in its second year of operation, The Monroe will bring Missouri State’s on-campus housing capacity from 3,914 to 4,036. The Monroe will provide students with another housing option and also allow Missouri State to own a piece of property within its campus footprint.
“This is a significant, strategic purchase for us for two reasons,” said President Clifton M. Smart III. “First, the purchase of The Monroe eliminates a private piece of property within the campus boundaries. This has been a long-time objective of both our Board of Governors and the administration.
“Second, it addresses our students’ desire to have apartment-style living options on campus. We have made a commitment to refresh our housing inventory to provide more apartment-style housing. This purchase takes a significant step in that direction.”
While Missouri State will assume ownership and begin staffing The Monroe in December, the university will honor the terms of the contracts that have been signed through July 31, 2013. All new leases beyond July 31 will be subject to university residence life policies.
“Both United Campus Housing and Missouri State understand there will be a transition period,” said Dr. Earle Doman, Missouri State vice president for student affairs, “so we will accommodate the residents living there. Arrangements have been made, for example, to relocate non-Missouri State residents to other facilities off-campus.”
Smart and Doman said the facility would undergo some cosmetic changes and re-branding soon after the closing in December, followed soon thereafter with the facility being connected to the university’s telecommunications network. Missouri State’s residence life department will begin marketing it immediately as a new option.
The Monroe, which officially opened July 29, 2011, is a four-story structure that offers 122 private beds in 42 apartment units with varying configurations. The majority of the apartments are four-bedroom/four bathroom units. Apartments vary in square footage from 456 S.F. to 1,336 S.F. The total leasable square footage is 41,247; the total building has 53,437 square feet.
The Monroe has one elevator and two internal stair towers that serve floors one through four. Common space is provided on the first floor for ping pong, flat screen TV viewing and/or meetings. The facilities’ exterior, interior and apartment entry and bedroom doors, as well as the stairwell and elevator, all require a key for operation that is assigned to individual residents. All doors remain locked except the front lobby door at prescribed times.
Besides being furnished, other amenities include washers and dryers, all electric kitchens, Internet service, cable service and flat screen TV mounting bracket in all living rooms.
About Missouri State University
Missouri State University is a public, comprehensive metropolitan system with a statewide mission in public affairs, whose purpose is to develop educated persons. The University’s identity is distinguished by its public affairs mission, which entails a campus-wide commitment to foster expertise and responsibility in ethical leadership, cultural competence and community engagement.