Intercom Online......March 30, 2000

Penn College to buy
apartments for student housing

Responding to a need for more college-owned and college-operated student housing, Pennsylvania College of Technology in Williamsport has agreed to purchase College West Apartments from HFL Corp. of State College.

The sale, which should become final on or before June 7, will increase the number of beds in Penn College's student-housing program to more than 1,000. The Village at Penn College and the Campus View Apartments currently offer 650 beds.

The College West property at 200 Rose St. in Williamsport borders the western edge of Penn College's main campus and encompasses 8.46 acres, with three separate buildings offering more than 96,000 square feet of housing space.

In the configuration that Penn College intends to use, College West will provide 409 beds. According to the March 15 sales agreement, Penn College will pay $7.65 million for the property. The purchase of this property will not impact tuition or fees at Penn College.

The appraised value of the land, buildings and fixtures is $8.8 million. The difference between the appraised value and the purchase cost is considered a gift to Penn College. Daniel D. Sahakian is president and chief executive officer of HFL Corp.

Penn College expects to spend approximately $1 million to renovate College West over the next few years. Among the improvements planned are a resident check-in facility, fencing, expanded laundry facilities and parking lot work. Plans also call for each room to be wired for computer, cable television and telephone connections.

The College West property includes 4.96 acres of undeveloped land that will be designated as green space for the time being. Two of the three buildings at College West were constructed in 1990. The third was built in 1992.

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