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ROCHESTER, MICH. — Oakland University has broken ground on a new 500-bed student housing facility, which is slated for completion in 2014. The Ann V. Nicholson Student Apartments will be financed with bonds by the university. According to CBS affiliate WWJ in Detroit, the project will be Phase I of a plan to house 5,000 students on campus. The next phase will include four different facilities containing 540 apartments each. The report also states that the university considered a private development partner, but opted to finance the project with its own balance sheet. Oakland University is located in the metropolitan Detroit area. It was founded in 1959 and has a current enrollment of approximately 18,000 students.