ANN ARBOR, Mich. (Michigan News Source) – The University of Michigan is looking to expand student housing.
The school will spend $75 million to acquire 49 properties in Ann Arbor. This purchase will pave the way for the second phase of the Central Campus housing project.
The Board of Regents will vote on the sale during its meeting on Thursday. Regent Ron Weiser, a real estate investor, purchased the properties to sell back to U of M. He says he will not make a profit off the sale.
According to documents, the money will come from university reserves.