Liverpool Hope University has completed the assignment of a current lease on Gerard Manley Hopkins Hall from Cosmopolitan Student Homes.
The university has paid a private landlord an undisclosed sum for the remaining 28 years of Cosmopolitan's long leasehold interest.
The four storey property comprises a student hall of residence with 188 en-suite rooms in four to six bedroom apartments, located in Liverpool Hope's creative campus.
The hall had been operated by Cosmopolitan Student Homes for seven years following the sale by the university in 2003.
Ian Vandewalle, pro vice-chancellor of the Liverpool Hope University, said: "This acquisition demonstrates Liverpool Hope University's ongoing commitment to invest in the creative campus and follows on from the £7.5m development of The Capstone Theatre in 2010."
Steven Grindley, head of North West corporate services at Edward Symmons, who represented the university during negotiations, said: "The chance for Liverpool Hope University to take full control of an important asset at the heart of the creative campus was a great opportunity and a key milestone in the University's ongoing investment strategy. All parties were keen for the transaction to proceed smoothly for the benefit of both existing and future students."
Weightmans LLP advised Liverpool Hope University in respect of the legal side of the transaction.