On Wednesday, June 29, 2011, the CSU Foundation Real Estate II LLC closed on the purchase of the Clayton Station Apartment complex, located on North Lake Street in Morrow and Lake City. The acquisition adds 854 beds to Clayton State University’s student housing and almost 17 acres to the existing 175-acre campus.
Clayton Station will officially open in August 2011, housing upper class students, while Laker Hall will continue to serve as the University’s freshman residence. This acquisition brings the University’s total student housing to 1305 beds.
CSU Foundation Real Estate II LLC, chaired by Randy Hayes, purchased Clayton Station, which first opened in August 1999 as Clayton Place, for $20.5 million from Education Realty Trust of Memphis. The financing for the purchase will come through tax exempt bonds in a public/private venture with the Development Authority of Clayton County. The acquisition of 854 beds at a cost of $20.5 million equates to $24,000 per bed, or about one-half the cost of new construction.
The apartments will be operated as student housing through a lease agreement with Clayton State University.
“The Clayton State University Foundation formed the LLC to provide the University with a way to meet the demand for student housing generated by the growth of the University,” says Hayes.
“The acquisition of the Clayton Place complex was an integral part of our facilities master planning process adopted this past year. With the addition of these additional student housing units, we will be able to accelerate the work already begun at Laker Hall to integrate student living with student learning experiences,” notes Clayton State President Dr. Thomas J. “Tim” Hynes. “None of this would have been possible with the leadership of our Foundation Board, the Limited Liability Corporation that supported this work, and our own campus leaders, especially Vice Presidents Corlis Cummings and Brian Haynes.
“Finally, we are grateful to the University System of Georgia Board of Regents, whose support made this framework for growth possible.”
The entire facility is a 15 building, three-story apartment-style housing complex of 221 units. The apartments are comprised of 206, four-bedroom/four-bathroom units, and 15 two-bedroom/two-bathroom units. The units are furnished, and utilities are currently provided in the cost.