Headlines (News Releases)
Laurier acquires apartment buildings adjacent to Waterloo campus
Communications, Public Affairs & Marketing
Mar 22/12| For Immediate Release
Jim Butler, VP Finance and Administration
Kevin Crowley, Director, Communications & Public Affairs
WATERLOO – Wilfrid Laurier University has purchased 12 student-housing apartment buildings adjacent to its Waterloo campus.
The acquisition, valued at $58.9 million, closed today, Thursday, March 22.
Nine of the properties are recently constructed four- and five-floor buildings and three are renovated multi-tenant houses. Together, they have a combined capacity to house approximately 785 students. Eleven of the buildings are located on the south side of Laurier’s Waterloo campus: 10 on Ezra Street and one on Bricker Avenue. The 12th building is located on Hickory Street West, adjacent to Laurier’s Northdale building on the north side of the campus.
The acquisition will provide the university with strategic property assets in the rapidly developing neighbourhoods adjacent to the campus, and a stream of rental income.
“This acquisition makes sense for the university from a long-term planning and revenue perspective,” said Jim Butler, Laurier’s vice-president: finance and administration. “Development around our Waterloo campus is happening so fast that we must act now to provide the university with some control over how these strategic areas develop in future.”
The university has engaged a private property manager to administer the apartment buildings as off-campus housing.