UofM Board of Trustees Approves Moving Forward with Acquisition of Gather on Southern Apartments
May 8, 2019 - At a special called meeting Wednesday, the University of Memphis Board of Trustees approved, subject to reviews and approvals by the State of Tennessee State Building Commission, moving forward with the acquisition of the Gather on Southern Apartments and entering a master ground lease and affiliation agreement with Municipal Acquisitions. The endeavor – the first of its kind by a public university in the State of Tennessee – will allow the University to expand its housing inventory in a public/private partnership.
The 435-bed Gather apartments are directly across Southern Avenue from the UofM campus. Acquiring the Gather would increase students' options for on-campus housing.
The University currently has 2,461 beds. Adding the Gather Apartments would increase on-campus housing available to students by 17%.
The Board also approved an increase in the housing contract termination fee from $750 to $1,500 for the 2019-20 academic year. For the 2020-21 academic year, students would not be allowed to terminate a housing contract and would be responsible for the full cost of one year's housing.
The next regular quarterly Board of Trustees meeting will be June 5.