U-M receives approval to purchase building near Law Quad
(This story has been revised to correct a factual error.)
After receiving approval from the University of Michigan Board of Regents today, U-M is planning to purchase a .14-acre parcel near the Law Quad by the end of the month.
The $730,000 price tag is more than triple the property’s assessed value.
U-M Executive Vice President and Chief Financial Officer Timothy P. Slottow told the regents that the parcel’s “strategic location” will be beneficial to the university.
The property is adjacent to two law school buildings: South Hall and the U-M Law School admissions office. It includes a 2,018-square-foot rental home.
The building is assessed at $213,500 for the 2011 tax year, according to Ann Arbor assessment records. Under Michigan law, a property’s assessed value should be nearly equal to half of its market value.
The university and the property’s owner —Oakland Tec LLC owned by Ann Arbor resident Eric Aupperle— have planned a tentative closing date for Sept. 30.
Existing leases on the apartments will expire in August 2012.
U-M is looking to purchase the parcel at 716 Oakland in Ann Arbor.