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Cash-strapped Bastyr University is selling its campus in Washington State in an effort to stabilize its shaky finances, which landed the institution on show cause status with its accreditor earlier this year.
Bastyr’s Board of Trustees approved a plan last week to list the campus for sale.
The Washington campus is located on 50-plus acres outside Seattle; the university also maintains a site in San Diego. Officials wrote on a frequently asked questions webpage that the “sale of the [Washington] campus will restore financial health to our university, allow continued movement forward with our strategic plan and is intended to positively impact our accreditation status.”
The FAQ page emphasized that selling the campus does not mean Bastyr is closing.
Rather, “Financial infusion makes the university more stable and allows us to better weather the fluctuations of the academic environment should a crisis occur,” officials wrote. They also noted Bastyr “cannot afford to maintain and modernize the main campus building” and that “the university occupies less than 50% of its space, but must fund 100% of campus upkeep.”
The FAQ indicated that either a full or partial sale of the campus is possible.
Despite the sale, a move will likely be years away; officials wrote on the FAQ page that Bastyr plans to lease the campus for “up to a few years to allow for a thoughtful and phased transition.”
