Faith-based university closes on sale of its Pasadena campus

William Carey International sold its 15-acre complex to private school operator EF Education First

Los Angeles /
Mar.March 29, 2019 01:30 PM
EF CEO Edward Hult with William Carey campus
EF CEO Edward Hult with William Carey campus

William Carey International University has closed on the sale of its 15-acre Pasadena campus.

The buyer, EF Education First, paid $44 million, records show. The Switzerland-based operator of private schools has locations in the U.S. and throughout the world.

William Carey International’s five-building complex at 1539 E. Howard Street sold with a row of 16 houses, which run along Oxford Avenue next door.

The university, founded by evangelist Ralph Winter, announced its plans to sell the property last year, saying it wanted more liquidity to fund its global missionary work.

EF Education will use the campus for the first Los Angeles branch of its “EF Academy” chain of boarding schools. It declined to comment for this story.

The company will demolish three of the existing buildings, add a new 72,000 square-foot dormitory, and renovate the remaining properties, according to a master plan filed with the city of Pasadena in September.

In 2017, EF First spent $17 million on the former headquarters of the Legion of Christ — a monastic order — for its academy in Westchester County, New York. Like the Pasadena campus, the Westchester property was an institutional building with a residential component.

And in Pasadena last August, the ArtCenter College of Design raised $42 million to cover an ambitious renovation of two locations in the city.


Related Articles

arrow_forward_ios
Residences at Westgate, The Hudson and Waterford co-founder John Drachman (Waterford Property Company, the CSCDA)
Waterford Property pays $335M for 2 Pasadena rental complexes
Waterford Property pays $335M for 2 Pasadena rental complexes
Renderings of One Beverly Hills and Beny Alagem. (One Beverly Hills, Getty)
Beny Alagem’s $2B Beverly Hills project gets go-ahead
Beny Alagem’s $2B Beverly Hills project gets go-ahead
The San Pedro Fish Market is one of the top-grossing restaurants in the U.S. (Getty, Facebook via San Pedro Fish Market and Restaurant / Photo Illustration by Alison Bushor for The Real Deal)
San Pedro Fish Market plans new “supersize” restaurant
San Pedro Fish Market plans new “supersize” restaurant
The Chateau Marmont (Getty) and protest signs (Unite Here Local 11)
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Rendering of the Pasadena complex. (Smith Group / City of Pasadena)
Latest medical office complex planned in Pasadena
Latest medical office complex planned in Pasadena
Small Business Administration administrator Isabel Guzman (Getty, iStock)
Starved for relief: Restaurants seek $76B, far more than budgeted
Starved for relief: Restaurants seek $76B, far more than budgeted
Goodman CEO Greg Goodman and a rendering of the facility. (Goodman)
Goodman’s massive logistics center will target e-commerce tenants
Goodman’s massive logistics center will target e-commerce tenants
California is waiting to adopt the CDC maskless decision. (Getty)
California still says mask up at office, for now
California still says mask up at office, for now
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...