Steve Brown purchased The Regent and The Towers apartment buildings Friday.

Brown bought the buildings from College Park Communities Co. based in Newton Square, Pa.

Margaret Watson, director of Private Residence Halls, told The Badger Herald via e-mail that The Towers and The Regent will now provide a 24-hour reception desk and on-call maintenance, as well as upgraded dining and community services and special program for freshman.

The Regent Apartment’s property manager Steve Rognsvoog said there will the new owner make few changes.

“They have pretty much maintained the current management,” Rognsvoog said. “I don’t think students will be much affected.”

Watson said Steve Brown also owns the Statesider, Langdon Private Residence Hall and Highlander Private Residence Hall.

“The Private Residence Halls are now home to approximately 20 percent of the UW freshman class,” Watson said. “Together with Steve Brown Apartments, we house around seven percent of the university student population.”

According to the city of Madison assessor’s office property information, The Towers’ property, located at 502 N. Frances St., was assessed in 2002 at about $7.2 million and The Regent Apartments’ property, located at 1402 Regent St., at around $6 million.

The Regent and The Towers were both bought for nearly $6 million each in April 1997 by College Park Communities Co.

Steve Brown Apartments supervisor Tim Wadlington said the corporation is a group of investors that invests in real estate across the country and then hires management companies to run the apartment complexes.

According to the corporation’s website, it currently owns 44 student-housing properties in 28 locations across the country.

“One of the nice things about this is there would now be local ownership,” Wadlington said last week. “Steve manages whatever he buys.”

Wadlington said Brown has been looking to buy the properties for the past five years.

“Owning The Towers is an interest because it’s a very nice location, a nice building, and it’s a similar building to what he already possesses,” Wadlington said.

Wadlington said Brown currently owns approximately 50 properties in Madison, with his first Madison property purchase close to 30 years ago.

Watson declined to say how much Brown paid for the buildings. A Private Residence Hall employee, who wished to remain anonymous, said the buildings were bought together for $50 million.