AIB College of Business plans to sell nearly 4 acres of land and three apartment buildings on the southwest corner of its Des Moines campus. The school is asking $3 million.

University of Iowa and Iowa Board of Regents officials agreed to the sale, which will reduce the amount of land AIB donates to the university when AIB shuts down on June 30.

The apartments on 3.74 acres are at 2701 S.W. 23rd St. and 2711-15 S.W. 23rd. There are 60 furnished one-bedroom apartments.

Iowa Realty Commercial will list the property.

“The decision not to enroll a freshman class for 2015 has reduced our housing needs,” AIB President Nancy Williams said in a statement. The proceeds will be used for operational expenses; anything left over will be donated to the University of Iowa.

AIB has no debt after using part of its $6 million endowment to pay off a $1.5 million note. Any endowment funds left at the end of the next school year also will be given to the University of Iowa, college officials said. AIB’s final school year ends June 30.

The 20-acre campus along Fleur Drive in southern Des Moines is assessed for $22.3 million, including the land to be sold.

“Details of the gifting arrangement are still being finalized, and we hope to have the final agreement completed this fall,” board chairman Chris Costa said in a statement.  

Read previous stories about AIB’s planned shutdown here and here.