Palm Beach Atlantic University President William M. B. Fleming, Jr. announced today that the University has acquired Coastal Towers Apartments, a nine-story apartment building adjacent to the campus to provide premium residential housing for students. The purchase for $6.4 million was handled by Peter Reed of Commercial Florida.
Coastal Towers Apartments at 1001 S. Flagler Drive consists of 28 one-bedroom and 14 two-bedroom units. Palm Beach Atlantic presently houses more than 1,000 residential students in various buildings on its downtown campus.
In making the announcement, President Fleming pointed to the University’s growing undergraduate enrollment and increasing demand for residential student housing. Last fall, campus housing occupancy was 109 percent and 103 percent during this spring semester.
“We know that residential students are more engaged in the academic, spiritual and social aspects of college. Adding campus housing is in alignment with the University’s strategic plan to foster an engaged learning environment,” President Fleming said. “In addition, bringing Coastal Towers under the PBA umbrella supports the additional strategy toward the University’s financial sustainability.”
President Fleming noted that the University will honor the leases of current residents, though present vacancies provide opportunities for students to move in prior to the fall 2014 term.
Dean of Students Kevin Abel said that Coastal Towers will operate according to the same procedures as other apartment-style University housing, and residential students will be subject to the same policies.
“The inclusion of Coastal Towers into the University’s student housing portfolio is tremendous,” Dean Abel said. “It will give students a premium housing option that will afford them the opportunity to stay in West Palm Beach year-round to take summer courses or to work at an internship or job.”
Each unit in Coastal Towers has a full kitchen with private balconies on the north and south sides of the building. Residents will have access to the rooftop pool and community space as well as on-property laundry facilities.