The University of New Mexico's Board of Regents recently announced the sale of the school's former student-family housing property to Central New Mexico Community College (CNM) in a press release.
The 13-acre property, purchased for $1.5 million, will be integrated into CNM's main campus to serve as the location for the construction of a new facility for applied technologies and trade programs.
“Higher education in New Mexico naturally drives creative solutions that benefit our students and citizens,” UNM President Garnett S. Stokes said in the release. “This mutually beneficial arrangement allows us to reimagine a space that will continue to serve our students and cultivates an environment of opportunity for diversifying our workforce. This is a real win for all of us as educators, neighbors and collaborators. I appreciate the thoughtful and timely planning that went into this initiative; it was truly a successful team effort.”
The property formerly housed a 200-unit apartment complex designed for student-family accommodation, but a facilities evaluation determined that the structure would need $5.82 million in repairs.
Additionally, the expense of preparing the property for an alternative use was estimated to cost $4.52 million, and UNM believed that the best approach was to sell the property to CNM "as-is."
UNM stated in the press release that the sale proceeds would be used to fund a "comprehensive capital Master Plan" for the university, which would include examining potential new locations for family housing.
