Palm Beach Atlantic University acquired a nearby apartment tower to help address its need for additional student housing.
The West Palm Beach-based nonprofit university plunked down $6.4 million for the Coastal Towers Apartments. The nine-story, 42-unit building is located at 1001 South Flagler Drive. It was constructed in 1968 and includes a rooftop pool.
Gold-Mark WPB Realty sold the property to the Christian university, according to the South Florida Business Journal. It paid $1.5 million for the building in 2008. Commercial Florida Realty Services principal Peter Reed represented Palm Beach Atlantic in the transaction.
About 3,800 students attend the university, with about 1,000 students living on campus.
“We know that residential students are more engaged in the academic, spiritual and social aspects of college,” Palm Beach Atlantic president William Fleming said. “Adding campus housing is in alignment with the university’s strategic plan to foster an engaged learning environment.” [South Florida Business Journal] — Eric Kalis