Commerce, TX – Texas A&M University-Commerce officials are a step closer to buying an apartment complex near the site of the new Memorial Student Center.
The A&M System Board of Regents Friday approved the request to purchase the Century House Apartments at Stonewall and Bois D'Arc streets, across from the Wathena Temple Arts Building.
A&M-Commerce must also receive approval from the Higher Education Coordinating Board before the real estate transaction is completed. The purchase price is $675,000 dollars, which is $150,000 under appraised value.
President Dr. Keith McFarland told the Regents the apartment owner is a former A&M-Commerce student who agreed to a sale price below market value in order to benefit the university.
Over the next few years, the 40 unit complex will be used for student housing while residence halls are being renovated. Ultimately, the land will be used for parking.
Also at Friday's meeting, the Board of Regents confirmed Professor Emeritus status to A&M-Commerce Literature and Languages Professor Dr. James Grimshaw.