McKendree University receives $4 million gift of buildings and real estate

LEBANON — McKendree University has received a multi-million-dollar gift of property at the McKendree West student apartment complex on College Road west of the Lebanon, Ill., campus.

mckendreedonationTwo of the 10 buildings on the 10.88-acre site, and the 2.83 acres of real estate on which they are located, valued at nearly $4 million, were given to the university by Locust Hills Village LLC. The two apartment buildings located at the back of the property were built in 2014 and are the newest addition to the complex. Each building houses 48 students. The McKendree West complex includes a pool, clubhouse and sand volleyball court and provides apartment-style living to students.

The university has leased the McKendree West apartments from Locust Hills Village LLC for student housing since 1997. The lease agreement has allowed McKendree University tremendous flexibility to grow or downsize its student housing as necessary, said Dr. James Dennis, president.

“The partnership we have enjoyed with Locust Hills Village members, Jerry and Mary Helen Phillips, and Deborah and the late Harold Belsheim, over the years has been remarkable and this gift is an affirmation of their strong commitment to the University and higher education in this region.” The rest of the McKendree West apartment complex will continue to be leased for student housing, Dennis noted.

The gift is a part of the $40 million comprehensive FORWARD campaign launched in spring 2016. “This gift advances the campaign dramatically,” said Victoria Dowling, senior vice president, “moving the total now raised to the $30 million mark. The importance of gifts of this type cannot be overstated. Private colleges and universities, like McKendree, rely on the generosity of those who care about higher education to advance their mission and ability to serve our students and the broader community.”

For information on the campaign for McKendree University call (618) 537-6456.

– From the Illinois Business Journal

Leave a Comment