Fully furnished apartments, private bedrooms and a swimming pool out back — it’s a college housing dream about to come true for students at the University of Tennessee at Martin.

The University of Tennessee Foundation Inc. (UTF) and Place Collegiate Properties LC have agreed in principle to sell Martin Place, a privatized student housing community, to the UTF. The 384-bed complex will become part of UT Martin’s housing inventory when ownership changes hands in March 2003.

“The University of Tennessee Foundation Inc. is pleased to make this housing available to UT Martin students,” said Eli Fly, UTF president. “We are excited about this opportunity and we will work closely with the UT Martin students and administrators to ensure that this endeavor is a successful one. We want this housing to be an important part of the housing program on this campus.”

Martin Place was constructed in 2000 on West Peach Street, within easy walking distance of the UT Martin campus. Each four bedroom, four bathroom apartment unit features a full kitchen, a washer and dryer, and is wired to accommodate Internet access. The complex also boasts a community clubhouse for residents to study, socialize, exercise and relax.

Dr. Nick Dunagan, UT Martin chancellor, said the Martin Place agreement is the first step in a “total revamping of housing opportunities for currently enrolled and future students.”

Long-range plans include replacing most of the current dormitories with suite-style housing for freshmen and apartment-style housing for upperclassmen. The entire project is slated for completion in 2007.

“The acquisition of this property by the UT Foundation is an important first step in our comprehensive plan to radically improve the housing available to UT Martin students,” said Dunagan. “The students told us they wanted more apartment-style housing, and we listened to what they said. The UT Foundation made this possible and we are appreciative of their support.”

“I am excited about this opportunity to enter into an agreement with the UT Foundation,” said Cecil Phillips, president of the Atlanta-based Place Collegiate Properties LC. “In my opinion, it will be good for the foundation, it will be good for us at Place Properties, and, most importantly, it will be good for students at the University of Tennessee at Martin. I am proud of Martin Place and believe it will be a tremendous asset to UT Martin’s housing program.”

The UTF, established in 2001, is a non-profit organization that receives and administers private support for the University of Tennessee system. The mission of the UTF is to support the University of Tennessee’s educational, research, and public activities by seeking, receiving, and administering private funds to support programs beyond the scope of the university’s general budget. The foundation will provide funds that will support all the University of Tennessee’s campuses and institutes.