Grand Campus at Eastern Kentucky University
A wholly-owned affiliate of Municipal Acquisitions purchased an existing student housing facility, in a $46.125 million transaction with Eastern Kentucky University. Located on a 16 acre site, the facility is connected to the main EKU campus via a pedway and includes 504 beds and 500 parking spaces. The asset was previously owned by a third party developer and leased to the University. Municipal Acquisitions restructured the lease with EKU, offering benefits that were not available under the previous lease. Additionally, EKU will receive a new structured parking facility and the Carloftis Gardens. The acquisition was financed through the issuance of tax exempt bonds subject to an agency agreement between the City of Phoenix Industrial Development Authority and the Municipal Acquisitions affiliate involved the transaction.