Cardinal Stritch College campus bought for $24M
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Dive Temporary:
- A basis that invests in Christian Ok-12 training has bought the campus of Cardinal Stritch College — a Wisconsin Catholic establishment that closed in Could — for $24 million.
- The Ramirez Household Basis stated in an announcement final week that it hadn’t determined exactly how you can use the roughly 43-acre property, however information experiences counsel the group will convert it right into a Christian secondary college.
- One of many basis’s most up-to-date tasks was an growth of a non-public Ok-12 college in Milwaukee, St. Augustine Preparatory Academy, which raised its capability to 2,400 college students.
Dive Perception:
Cardinal Stritch fell sufferer to lots of the monetary stressors that triggered different faculties to close their doorways not too long ago, together with downward enrollment developments and financial fallout from the COVID-19 pandemic.
It introduced its closure in April and stated it will wind down operations on the finish of the tutorial 12 months a month later.
Cardinal Stritch enrolled 1,365 college students in fall 2021, based on essentially the most not too long ago obtainable federal knowledge. Enrollment had tumbled severely, because the college had 5,159 college students in fall 2011.
Its campus within the Milwaukee space has 12 buildings that complete about 607,000 sq. toes, based on the Ramirez Household Basis. It went on sale a few months in the past, and the college sought to shut a deal by the top of the 12 months.
“It is a once-in-a-generation alternative to amass a singular property that may, in time, present the Ramirez Household Basis with a platform to make a good bigger affect,” Gus Ramirez and Becky Ramirez, co-chairs of the inspiration, stated in an announcement. “When the Cardinal Stritch campus first turned obtainable, we moved shortly to succeed in a purchase order settlement.”
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