Notre Dame de Namur University, a historic Catholic institution, announced Tuesday it reached a deal for the University of California to purchase its 100-acre Belmont campus.
UC’s investment arm will lease the current facilities back to Notre Dame de Namur University for five years as part of the agreement, according to a news release. NDNU officials said the deal would provide time for UC to plan its long-term use of the property and for NDNU to find a new location in San Mateo County.
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Details about UC’s future plans or potential relocation sites for NDNU were not immediately available. The terms of the deal, including the sale price, were not disclosed.
“We are delighted to have found in UC Investments a responsible and mission-aligned steward for our beautiful and historically significant campus property,” NDNU President Beth Martin said. “This agreement ensures continuity for our students and honors the vision of the Sisters of Notre Dame de Namur, who have been the foundation of our presence and purpose in Belmont since 1923.”
The Sisters of Notre Dame de Namur is a Roman Catholic religious order founded in France in 1804. It is known for its work in education and social justice, with missions and schools around the world.
UC called the investment strategic, highlighting the campus’s proximity to major tech hubs.
“UC Investments moved quickly to explore this unique investment opportunity close to the heart of Silicon Valley,” said Jagdeep Singh Bachher, UC’s chief investment officer. “We’re convinced this long-term asset will greatly benefit UC, Notre Dame de Namur University, and the Sisters of Notre Dame de Namur for at least the next 100 years.”
The Belmont institution had spent four years negotiating a potential sale to Stanford University, but that deal fell through in February. Stanford attributed its decision at the time to “changes in the landscape for research universities,” stating these changes were “resulting in greater uncertainties and a different set of institutional and financial challenges for Stanford.”
Stanford has not elaborated on these specific challenges. However, the university, like many research institutions, has been navigating financial pressures, including uncertainties in federal funding and heightened scrutiny from the federal government regarding higher education.
NDNU has been facing a significant decline in enrollment — from around 2,500 students about a decade ago to between 200 and 300 in recent years
According to NDNU, current students will not experience any disruption to their education due to the sale. The university will continue academic programming and student services on the Belmont campus, as well as online, during the next five years. However NDNU will stop offering student housing after August.
NDNU emphasized that its long-term financial sustainability is secured with this deal, allowing it to continue providing “high-quality academic programs aligned with the Hallmarks of a Notre Dame de Namur Learning Community.”
The new agreement ensures the site will continue to serve the region “through a long-term investment aligned with both institutions’ missions,” NDNU said in a statement.
As part of the deal, UC will renovate two historic buildings on the campus: Ralston Mansion and the Carriage House, both designated national and California historical landmarks.
Belmont Mayor Julia Mates welcomed the announcement.
“The NDNU campus is an important part of our city,” Mates told this news organization in a text message. “We look forward to connecting with the leadership of UC Investments to discuss our continued partnership and ensure the future of this property supports the values and aspirations of the Belmont community.”
In addition to the campus sale, the deal includes the purchase of Water Dog Lake, a 50.5-acre property near campus that will remain open to the public under UC’s continued lease to the city of Belmont. As the city’s largest parkland, Water Dog Lake features popular hiking trails and a stocked fishing lake.
The University of California, one of two public university systems in the state, has an endowment of about $29.5 billion as of last year and operates under a $53.6 billion annual budget, serving nearly 300,000 students across its campuses.
According to the public university, UC Investments, which operates as a separate entity, manages a $190 billion portfolio diversified across public and private markets.