The agreement with complex owners Chelwyn Associates gives Arcadia full management control over the 310 South Easton Road property and will require the school to purchase the complex within the next five years. Arcadia will pay rent to Chelwyn and will be responsible for the taxes, operating and capital expenses for the property but will be entitled to the rent from current tenants, which ranges from $700 to $1,280 per month, along with any other revenues associated with the complex. Further terms of the agreement were not made public.

The university, which has been renting apartments at Oak Summit for its students for the past three years, currently rents 24 units at the complex but will need about 50 more apartments by this fall to accommodate an increase in student housing demand. The school expects that the agreement will allow it to consolidate much of its off-campus student housing.

University President Jerry Greiner says the rental agreement will further the school's goal of getting students involved in the community by having them live within the town's commercial area. "Having many of our students residing at Oak Summit under the supervision of the University's Residence Life staff will continue this important tradition and also help our students become active and contributing members of the community." To transition to student housing, the university will work closely with current residents to determine their housing needs, school officials say.