TIFTON, GA (WALB) - On-campus student housing at ABAC is now under new ownership.
ABAC Place and Lakeside are now privately owned by Corvias Campus Living. It's part of a new privatization initiative approved by the Board of Regents on Wednesday. The company is taking on the debt from the construction of the dorms and is responsible for maintenance and possibly building future dorms, taking that load away from ABAC's Foundation.
"I mean we're talking about $40 million worth of debt," said David Bridges, ABAC's President. "It will free them up of that responsibility and they can focus on other things like raising private money and doing other things in support of the college and it's students."
Corvias also has agreement to handle student housing at 8 other institutions within the University System for the next 65 years.