San Diego State University purchased The Granada on Hardy complex for more than $25M.
In fall of 2014, the building will operate as university student housing and will become Granada Apartments.
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In an effort to create a more residential campus and increase student housing opportunities, San Diego State University has acquired The Granada on Hardy apartment complex.
Walking distance to campus, the four-story building located at 5525 Hardy Ave., was developed in 2011 by 55th and Hardy LLC and consists of 49 apartment units. The property includes two levels of underground parking with 126 spaces for cars and 8 spaces for motorcycles.
“We know from experience and data analysis, that our housing and residential education program is instrumental in improving academic performance, student retention and graduation rates,” said Robert Schulz, University Architect – Associate Vice President.
“This property was attractive to us because it is located within our campus boundaries and helps support our short term housing capacity needs, and the longer term need for a variety of housing types to serve student preferences.”
Campus living, academic benefits
SDSU students continue to excel in graduation and continuation rates. High continuation rates are due in part to an increase in the percentage of freshman students living on campus.
Research shows that students who live on campus are more likely to continue on to their second year, are less likely to go on academic probation and graduate at a faster pace than students who do not live on campus.
SDSU’s Residential Learning Communities
link the living environment with specific academic experiences, helping freshmen students make connections between life inside and outside the classroom.
More than 1,000 students are currently participating in 18 living-learning communities at SDSU such as science, technology, engineering and math, social activism and entrepreneurship.
“A truly exceptional educational experience stretches students beyond traditional classroom walls to encompass a broad range of learning experiences. Living on campus provides you with a residential education program that supports your academic achievement and personal growth, while creating an environment that emphasizes involvement, inclusion, and identification with the university community,” said Christy Samarkos, director of Residential Education.
“Residential Learning Communities are an educational high-impact practice that feature live-in faculty, peer mentoring, in hall tutors, academic resource centers, service learning opportunities, and a set of courses that the students in the community are enrolled in together that includes a general education course and interdisciplinary seminar.”
SDSU took ownership of the property on Sept. 30. Current tenants in the building will remain through their contracted leases.
Beginning in fall of 2014, the building will operate as university student housing and will become Granada Apartments.
SDSU is paying for the $25.75 million purchase with funds from Systemwide Revenue Bond financing and SDSU financial reserves.
For more information on SDSU Housing, go to the website