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Newbury College campus sells for $34 million

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The Newbury College campus has sold.
The Newbury College campus has sold. Courtesy of Colliers International Boston

The Newbury College campus in Brookline has sold, and the buyer wants to turn it into senior housing and a memory care facility, among other uses.

Welltower, a company that develops senior care facilities, bought the 7.8-acre property for $34 million, according to a news release from Colliers International Boston, the real estate firm for the property.

Bernard Greene, chairman of the Brookline selectmen, read a statement about the sale during the board’s Sept. 10 meeting.

“After several weeks of anticipation, I am pleased to be able to publicly disclose that Welltower, an experienced and successful senior care developer, has officially closed on its deal with Newbury College and is now the owner of the campus in Brookline,” Greene said in the statement.

Through the deal, Greene noted that Welltower will develop the eastern portion of the campus and sell the western side, which is next to Fisher Hill Park, to the town.

Along with senior housing and memory care, Welltowner also will provide post-acute care, assisted-living opportunities, and medical offices, the release said.

The college campus went up for sale in February; the college announced its closure in December 2018, citing “financial challenges.”

“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,” James Elcock, vice chairman for Colliers, said in the release.

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