BROOKLINE, Mass. — Welltower has acquired the former Newbury College campus in the first-ring Boston suburb of Brookline for $34 million. The REIT plans to convert the property to seniors housing.
The 7.8-acre campus currently features eight structures totaling 142,000 square feet. Welltower’s specific plans have not yet been released.
Newbury College held its last class in Spring 2019, and is the latest in a string of small colleges near Boston to close, according to The Boston Globe. The property went on the market in February and garnered attention from a wide variety of buyers due to the size of the property and affluence of the area.
The Colliers International Boston team of Christopher Sower, James Elcock, Tom Hynes and Bob Cronin represented Newbury College in the transaction.
“While it is always unfortunate to witness the closure of such an esteemed academic institution, we appreciate the opportunity it has created for Brookline to embrace a new type of use that will serve the community,” says Elcock.