The purchaser plans to continue the land’s use as an educational institution.
Oakland’s Holy Names University has found a buyer for its campus.
Purchaser BH Properties plans to continue the land’s use as an educational institution, a win for HNU and Oakland community members who wanted to see the property remain a school. Oakland officials sent a letter to the school's board of trustees earlier this year, asking that HNU collaborate with the city to keep the campus as an educational facility.
The financial details of the transaction have not been disclosed. No price was specified for the property when it was listed, thoughreported that a source familiar with the listing claimed it is being listed at $70 million. The nearly 60-acre hillside campus includes a 500-bed dormitory, a performing arts center, a gymnasium, chapel, library and at least 30 classrooms. University officials toldlast year they had explored mergers with other schools, but many had similar operational issues. In addition,"there is not only $49 million in debt on HNU's property, but as a 65-year-old campus the costs of deferred maintenance and compliance upgrades could be over $200 million.
“There are many organizations in dire need of educational space and we believe there will be significant interest in leasing this site,” said Andy Van Tuyle, BH Properties Senior Managing Director, Investments, in a statement. “The history, location, and amenities provide a unique opportunity to provide facilities for the many educational institutions seeking expansion alternatives.”that it would close when the spring semester concluded after 154 years.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Holy Names University lands buyer for huge Oakland hills campusHoly Names University, which faced an array of financial specters, has landed a buyer that will continue educational activities on the vast Oakland Hills campus.
Read more »
Nevada revisits Oakland A's stadium plan in special legislative sessionThe Oakland Athletics' search for a new home has drawn Nevada lawmakers into a special legislative session Wednesday to weigh whether the state should cover $380 million of the $1.5 billion stadium planned for the Las Vegas Strip.
Read more »
Warriors star Stephen Curry surprises Oakland middle school students with meals, books and soccerThe eatlearnplay Foundation's bus was parked near the playground at Oakland's Elmhurst United Middle School and to the students' surprise, 4-time NBA champion StephenCurry30 was waiting inside. DubNation
Read more »
Two men shot in Oakland, one near scene of recent killingInvestigators don’t believe a Wednesday night shooting in East Oakland is related to a Monday killing in the same area — or another shooting Wednesday about three hours earlier.
Read more »
Oakland A’s leadership taken to task, other reactions during marathon Nevada Senate session“To say I’m extremely disappointed that no work has been done on this bill is an understatement.”
Read more »
‘I really do apologize’: Oakland resident gets 12 years for killing man in 2019 bar shootingThe family of 42-year-old Cassius Stroman spoke out against the deal, pointing out the defendant will end up serving one year for every shot he fired.
Read more »