Chapman University has paid $160 million for an apartment building in Anaheim to house 800 students.
The private university, whose main campus is in Orange, bought the Anavia Apartments at 2045 S. State College Boulevard, in the Platinum Triangle, the Orange County Register reported.
The school issued 30-year bonds to buy the apartment building, Chapman University President Daniele Struppa said. It closed escrow this week on the five-story apartment building to be dubbed Chapman Court.
There’s no move-in date for students, he said. The school hasn’t hatched a plan on how to move current tenants from the building.
The Anavia complex has one-, two- and three-bedroom units and comes with a fitness center, pool and clubhouse. Each unit also has its own washer and dryer, plus covered parking.
The future student residence hall is located a few blocks from its Chapman Grand, a 399-unit dorm bought by the school for $148 million in 2017.
The newly added units will advance the university’s goal to house at least half its undergraduate students in campus housing.
Because freshmen are urged to live on the university’s Old Towne Orange campus, the Anaheim residence hall will be geared toward sophomores, juniors or seniors, Struppa said.
Over the past few years, Chapman has invested hundreds of millions of dollars to expand its housing inventory to dampen the concerns of Orange residents over student rentals and large, unruly parties.
Once Chapman Court starts taking in students, the school will have added more than 2,000 beds in about five years.
Chapman Grand, which opened to students in fall 2018, can house up to 900 students, and The K residence hall, unveiled in 2019, added another 400 beds.
When Chapman officials decided to borrow the funds, they were considering whether to use the money to buy an apartment building or construct a new residence hall.
The lot adjacent to Panther Village that Chapman previously purchased from the City of Orange was floated as a possible location for a new building, and blueprints were even created for a new campus housing project there, Struppa said.
But school leaders decided to go with the Anaheim building because it would allow earlier occupancy and an immediate investment into needed dorms. The area near Panther Village may still be used for a future residence hall, he said.
Chapman has a shuttle between its student housing in Anaheim and the Orange campus.
— Dana Bartholomew
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