The Ethan Allen apartments were sold for $3.9 million by UVM to the Champlain Housing Trust.
The apartments were sold Jan. 31, according to a press release by the Champlain Housing Trust.
The Ethan Allen apartments consist of 31 units, and are a portion of the Fort Ethan Allen apartment complex, said Vice Provost and Dean of Student Affairs Annie Stevens. The complex is also comprised of the County Apartments.
The Ethan Allen apartments serve housing needs for graduate students, medical students and students with families, Stevens said.
The Champlain Housing Trust works to support people of northwest Vermont and strengthen their communities through the development and stewardship of permanently affordable homes, according to its mission statement.
The idea to sell the apartments first came up at the master housing plan session that occurs every 10 years, Stevens said.
One of the strong themes that came out of the student evaluations was that Ethan Allen is a good community setting.The distance from campus,however, is problematic for students commuting everyday, Stevens said.
The apartments are being sold with the hope that UVM can develop University affiliated housing closer to campus, Stevens said.
“The Redstone Apartments, Quarry Hill apartments and the Centennial Court apartments are much closer to campus and we will be talking to the owners to see if they can make a way for graduate students to live there,” She said.
In the short term there will not be any changes to the apartments, and current residents can renew their leases for next year, said Chris Donnelly, director of community relations at the Champlain Housing Trust.
CHT is going to work to convert some of the apartments into affordable homes, Donnelly said.
“We hope to turn some of the apartments there into affordable home ownership opportunities,” he said.
UVM is trying to work with Chittenden County to make affordable housing available for everyone, while keeping students in mind, Stevens said.
UVM also wants to raise the stipend for graduate students, Stevens said.
“We’re trying to work with the county and make affordable housing available for everyone, but also look out for our own students and that they have an increased stipend so they can afford to attend school and live closer to campus,” Stevens said.