GALLOWAY TOWNSHIP — Stockton University is moving forward with purchasing off-campus dorms it currently leases, adding about 40 rooms to its permanent housing stock.
The Board of Trustees on Wednesday approved a resolution authorizing the purchase of 421 Chris Gaupp Drive, which includes 42 two- and three-bedroom dorms, which Stockton has been leasing from D & M Galloway Holding LLC since 2016. The college pays $575,000 per year under a three-year contract that expires at the end of the spring semester, according to university spokeswoman Diane D’Amico.
D’Amico said a purchase price would not be available until the sale was approved by the board and a purchase agreement was finalized.
Trustee Stanley M. Ellis said the resolution allows the president to negotiate for the purchase of the property “in a very attractive way that will benefit the university in a cost-effective manner.”
D & M is operated by former Galloway Mayor Don Purdy and, according to the township Tax Assessor’s office, is valued at $1.8 million. In 2018, the total tax bill was $56,631, the office said.
The property on Chris Gaupp is about 2.7 acres and includes a 24,000-square-foot building with various common areas and a retail space, the resolution states.
“The Board of Trustees determined that the purchase of the property will cost-effectively support the university’s long-term demand for student housing and is in the best interests of the university,” reads the resolution.
The purchase of this housing comes about a year after Stockton announced it was selling the Seaview property, which had the capacity to house nearly 350 students, although about 270 lived there when it was sold. The sale was finalized in August for $21.07 million to KDG Capital LLC.
GALLOWAY TOWNSHIP — Stockton University has sold Seaview Resort to a Florida company for $21…
In September, Stockton opened its Atlantic City campus with housing for 530 students.
In addition to the purchase, the board approved an increase in housing rates for next school year. According to the agenda, the average rate will increase from $4,734 to $4,882 per semester.