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Belmont University announced on Tuesday, the sale of the former Watkins College of Art property to provide scholarships for visual arts students enrolled in Belmont’s Watkins College of Art.
The Rosa Parks Boulevard Campus was sold to a joint venture of affiliates of Chartwell Residential LLC and EJF Capital LLC for $22.5 million.
After the Belmont-Watkins merger was announced last year, the university announced plans to use the net funds from the sale of the property to create an endowment for need and merit-based scholarships. Upon maturation the fund is expected to generate more than $800,000 annually for art scholarships.