Stetson University has purchased the Stetson Cove apartments at 315 W. Pennsylvania Ave. and plans to open the complex as student housing in August 2012 after making extensive renovations.

“Our existing apartment-style student housing on campus is currently our most popular option, and we believe Stetson Cove will be another attractive housing option for juniors, seniors and married and partnered students,” said Robert Huth, vice president for business and chief financial officer. “Undergraduate student enrollment increased this year, and we expect enrollment to continue increasing over the next few years. This facility positions us well for that growth.”

The purchase from BSST Investments LLC for $1.25 million was finalized earlier this month. The previous owners are working with current residents to ensure a smooth transition to other housing over the next few months.

By June 1, Stetson will begin $1.1 million in renovations to the 44 one- and two-bedroom apartments. Renovations will be made to kitchens, bathrooms and air conditioning systems, in addition to improvements to a courtyard/recreation area. Local contractors will be hired for the project – providing a needed boost to the local economy.

Stetson Cove apartments will be ready for Stetson students by August, in time for the start of fall semester 2012 classes. In addition to providing another option for traditional students, the university will now be able to offer Stetson-operated housing for married and partnered students and students with families. The apartment complex will be pet-friendly. Housing and Residential Life staff will live on the premises, and students will be required to sign agreements to abide by the university’s Housing and Residential Life policies. Security will be provided by Stetson’s Public Safety Department.

“We plan to be good neighbors,” Huth said. “We know Stetson students have lived at Stetson Cove for years. Now the property will be filled with Stetson students and Housing and Residential Life staff, and we’ll have direct oversight.”

Reservations for student housing for next fall have been accepted, and Stetson Cove is already proving to be a popular option. The cost to live in Stetson Cove will be comparable to Stetson’s existing on-campus apartment housing.

“Stetson Cove is located a one-minute drive or four-minute bicycle ride to campus and offers all the conveniences and amenities students receive on-campus, such as laundry facilities, cable, Internet and a recreation area with tables, grills and a fenced animal recreation area,” said Ben Falter, director of Housing and Residential Life. “The large bedroom size and its off-campus feel, with on-campus amenities and security, make Stetson Cove an excellent choice for students seeking a more independent adult living environment.”