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TEMPE — The University of Arizona will buy a 19-unit apartment complex just off campus for overflow student housing and visiting professors.

The Arizona Board of Regents approved the $1.9 million purchase Friday. Ten of the units already are rented and leases will transfer. Four of the remaining apartments will be reserved for visiting faculty, and the rest will be held for students on a waiting list, said Joel D. Valdez, UA's senior vice president for business affairs.

The rental proceeds are enough to cover the UA's purchase, which was made through internal loans, Valdez said.

The complex, University Terrace Apartments, at 925 N. Tyndall Ave., is within the university's planning area and was purchased to keep land speculators from buying it when it went on the market, Valdez said.

The UA historically has had to pay exorbitant prices for land it needed because speculators managed to buy the lots first, Valdez said. He cited one lot the UA had to pay $970,000 for when it built the Highland Parking Garage north of Speedway.

The UA will continue to rent the apartments, just to students and faculty, and has no plans to tear them down, Valdez said.

Also during their two-day meeting, the regents approved the UA's plan to spend $2.5 million over the next three years to replace its supercomputer.

The new high-performance system will allow researchers to add their own resources, giving the system the flexibility to support more research projects and add capacity overall.

The regents also received an update on the progress at the UA College of Medicine expansion in downtown Phoenix. Two of the three renovated Phoenix Union High School buildings are complete, and everything will be moved in by an opening ceremony scheduled for Oct. 10, Regent Gary Stuart said.

The first class of 24 medical students will start next July.

"The entire medical education community around the country has its eyes on this development," UA President Robert Shelton said.