THE ARCHITECTURE OF THE UNIVERSITY OF OREGON
Westmoreland is a 37-building apartment complex with 404 units that intended to house university students with families. The complex was built between 1960 and 1964. In 2006, 234 units were occupied, and 30 percent included households with children. IN 2005-06, the University commenced discussions and planning involving the sale of the complex. The news announcement below describes the sale.
UO News Announcement, May 24, 2006
University of Oregon signs Westmoreland sale agreement; Purchaser will rent to current and future students; invest $1 million in renovations Eugene, Ore-
(May 24, 2006)-The University of Oregon today announced the signing of a purchase and sale agreement for the Westmoreland housing complex. Pending approval by the State Board of Higher Education, the university agreed to sell the property to Michael R. O'Connell, Sr., owner of a commercial and investment real estate business. The purchase price was $18.45 million and will net the university $18 million after accounting for buyer credit at closing. O'Connell has agreed to allow current Westmoreland tenants to remain, if the tenants desire. Current tenants will be offered new lease agreements by the buyer that will allow them to continue to remain at Westmoreland through June 2007. The property will be managed by Bell Real Estate. Signing of the purchase and sale agreement begins a due diligence period and a public process in which the university will seek State Board of Higher Education approval. The university anticipates the Oregon University System will hold two hearings in Eugene on the proposal on June 5 and June 13, before the end of spring term. "This proposal meets the needs of current tenants," said Frances Dyke, vice president for finance and administration at the university. "It will maintain the available housing stock for future students, and, by freeing bond debt, allows the university to move forward developing housing on campus that will best meet the needs of students." "My plans for the Westmoreland property are to operate close to status quo," said O'Connell. "We have earmarked approximately $1 million for renovation. Even with our much larger basis and debt service, I believe we can keep the rents at a very affordable level. We anticipate that we will have a large number of retained and new students." With a sale agreement in place, the university will finalize the mitigation plans for current residents. It is expected that the university will help students cover potential rent increases through June 2007.
Sources: Frances Dyke, vice president for finance and administration, (541) 346-3003
Newspaper Articles (arranged by date)
- Hall, Calvin and Eric Florip. "Pros, cons shared at sale forum; the Oregon State Board of Higher Education sought the opinions of Westmoreland tenants and community residents on the proposed sale." Daily Emerald 6 June 2006: 1, 12.
- "No bids yet for Westmoreland; University officials have hired a commerical broker to handle the sale of the housing complex." Daily Emerald 10 May 2006, front page. color illus.
- "Westmoreland group seeks safety ideas after drowning. " Daily Emerald 27 Feb. 1974, 1
- "Concern aired over Westmoreland safety. " Daily Emerald 5 Mar. 1974, 3
- "Westmoreland group complains to Clark, about safety conditions." Daily Emerald 29 Apr. 1974, 14
- "Westmoreland delays inexcusable." Daily Emerald 30 May 1974, 5