By TODD GOTTULA
KEARNEY – The University of Nebraska at Kearney has agreed to sell its University Heights apartment complex to a Kearney development group.
Henning Brothers LLC is purchasing the 57-year-old, 108-unit campus housing property for $800,004 and will take ownership June 1.
Kearney businessman Tom Henning and his brother, Steve Henning of Los Angeles, are among Henning Brothers LLC partners. They intend to renovate the existing nine buildings that make up the apartment complex into rental housing.
Tom Henning is chairman/CEO of Kearney’s Cash-Wa Distributing, while Steve Henning is an L.A. lawyer. Each has been involved in development and construction of commercial properties, as well as invested in agriculture, commercial and residential projects.
UNK received 10 bids for the property and will establish seed funding with proceeds from the sale to support projects planned for the new University Village south of campus. That private-public, 104-acre development includes a proposed 130-bed, $16 million apartment complex called Village Flats.
Village Flats is expected to be ready for occupancy in fall 2018.
The decision to close University Heights – located at 1701 W 35th St. northwest of the university’s main campus – came after analysis of the structure and cost to renovate.
University Heights has been the option for married students and others who desire to live off-campus. In October, UNK informed the 43 students living in University Heights that it was closing this spring.
The plan to close the building has been in motion since 2012, when plans for University Village were announced.
This post has been read 3149 times!