- Associated Press - Saturday, January 31, 2015

JACKSON, Miss. (AP) - The College Board has approved Jackson State University’s purchase of a 444-bed apartment complex.

The board voted Friday to approve the $9.2 million purchase of the Palisades apartments. The board in December voted to allow a JSU unit to borrow up to $10 million to buy the apartments and renovate them.

JSU will buy the apartments from Redus Mississippi LLC, a subsidiary of Wells Fargo & Co. The bank foreclosed on a previous owner in 2012.

The university began leasing the complex next to its campus this fall to accommodate increasing enrollment, planning to buy it all along.

Last year, JSU began leasing a 240-bed motel near the Mississippi State Fairgrounds. The university also plans a 628-bed housing complex, including a 650-seat dining hall and a conference center.

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