Stanford spends $130 million to house faculty, staff

PALO ALTO, Calif. (KGO) -- Stanford University is digging deep to provide housing for faculty and staff members.

The university just spent $130 million to buy Colonnade Los Altos, 167-unit apartment complex on El Camino Real.

The deal should help with the dearth and expense of housing along the peninsula, and help Stanford retain faculty and staffers.

The university didn't spare any expense, paying $45 million over the buildings estimated value.