Duke University has acquired the Blue Light Living apartments from an apartment owner for a whopping $43 million. This strategic move will add to the university’s existing housing inventory, eliminating the need for new construction. The 84-unit building will undergo minor modifications before welcoming students in fall next year.
According to reports by The Triad Business Journal, Duke University cites this purchase as a solution to address the pressing issue of student housing shortage in the area. This decision comes at a time when Duke is experiencing an all-time high number of student applications. Located at 1605 Erwin Road in Durham, these apartments were previously owned by the Boy family and have been assessed at approximately $10 million.
However, it’s not just Duke that is facing challenges with accommodating its students’ housing needs. Johnson & Wales University also recently announced plans to convert one of its Charlotte-based hotels into student accommodation as part of their efforts to tackle this problem effectively.
