I think this makes sense to do. It'll save a good chunk of money, which we're obviously looking for any way to do at this point, and there's much less of a need for these types of facilities than when they were built.
Built in 1965 - lots of students (baby boomers), both new out of high school and returning from military service, heading to college...with many of the ones coming out of the military being older and more likely to be married and starting families. Very little in the way of off-campus housing facilities...most were still private residences.
Now - fewer students of all types (including married), WAY more opportunities for newer off-campus housing with better facilities. Even though off-campus housing is a bit further away from campus, public transportation/bus system makes it very easy to get from any of the major apartment complexes to campus.
Also, just to be clear, I'm pretty sure this is just East Village, not the University Village area, so...just the one building to the south, not the three 1-story apartment buildings further north:
