Arcadia Signs Lease Purchase Agreement with Owner of Oak Summit Apartments; Arcadia Looks Forward to Offering Its Students Better Access to Glenside Merchants.

GLENSIDE, Pa. -- Arcadia University has entered into a lease agreement with Chelwyn Associates, owners of the Oak Summit Apartments on Easton Road in Glenside that gives the University the option to purchase the 225-unit complex. The agreement furthers the University's goal for its students to become more engaged in the Glenside community by having them live within the town's commercial district.

Arcadia's campus facility Master Plan, designed in consultation with township residents and elected officials, and its 10-year strategic plan, call for the University to continue its long-term partnership with the community and to "enhance and preserve the intimacy of the campus and its surrounding community" by growing "in an elegant and efficient way." The plan is available at www.arcadia.edu/MasterPlan.

"Arcadia has a strong history of engaging the township in University initiatives and a continuing commitment to being a good neighbor," says University President Jerry Greiner. "Many of our employees reside, shop and volunteer in the community and the University brings thousand of visitors to the area each year who help to support local businesses. It is to everyone's benefit to support the continued financial growth of the township."

The lease purchase agreement gives Arcadia full management control of the property and requires the University to purchase the complex when Chelwyn is ready to sell within the next five years. Until that time, Arcadia will pay rent to Chelwyn and will be responsible for Oak Summit's taxes, and operating and capital repairs. The University will be entitled to the rent from current tenants and other revenues derived from the property.

To ensure a smooth transition, the University is working closely with current residents to determine their housing needs over the next few years. Arcadia does not have an immediate need to occupy the majority of apartments at Oak Summit. The University plans to eventually consolidate its students currently living at off campus locations in Glenside into Oak Summit. Arcadia has been renting apartments at Oak Summit for its students for the past three years. Currently, the University rents 24 units at the complex for students and will need approximately 50 more apartments by the fall 2005 school year. The University expects to rely on normal attrition that generally occurs at Oak Summit to free up the additional units.

"Arcadia is well known and respected for its culture of personal attention that allows students to thrive in a supportive, close knit environment," Dr. Greiner says. "Having many of our students residing at Oak Summit under the supervision of the University's Residence Life staff will continue this important tradition and also help our students become active and contributing members of the community."

A leader in preparing global citizens, Arcadia is a top-tier, coeducational, comprehensive University offering undergraduate and graduate study to more than 3,500 students. The University is known for its commitment to international and intercultural study, integrative learning - combining class work and real life experiences - and a commitment to personal attention. Arcadia's Center for Education Abroad, top-ranked in the nation by U.S. News and World Report and is one of the largest campus-based international study programs in the United States, serving an additional 2,000 students from nearly 300 American universities. Arcadia's unique First Year Study Abroad Experience and London and Scotland Preview Programs have been recognized by the Carnegie Foundation as two of the most innovative in the country. The University also emphasizes a global perspective in its classrooms. Arcadia is ranked among the top universities in the north by U.S. News, Barron's has named Arcadia a "best buy" for the past 13 years and Princeton Review puts the University in the top 25 percent of schools in the nation. Arcadia's alumni take great pride in their University. Their undergraduate giving rate has been recognized as one of the highest in the country.