The university is funding the transaction through the UCF Foundation and another non-profit corporation now being established. The non-profit entity will sell bonds that will be retired over 30 years with student rent revenue.

College Park will continue to manage the three-year-old properties under a separate contract with UCF. The assets are Knight's Krossing, 2,532 residents; and Knight's Court, 1,224 students. Both apartment structures are on Alafaya Trail, directly across from the campus.

The campus currently houses 2,700 students in dormitories, campus-based apartments, fraternity and sorority residences. A new dormitory complex, under construction on the south side of the campus, will provide 800 additional beds next fall and another 800 in 2002.