Phoenix (AP) A group of real estate agents in Arizona will buy a majority stake in the Phoenix suburb of Arizona State University for $50 million.
The real estate transaction was approved Tuesday by the state’s Board of Regents and takes place just before the school’s spring commencement.
The deal also includes an undisclosed percentage of Arizona state revenues.
The deal will be a major boost for the Phoenix-based real estate firm and a boon to students at the University of Phoenix.
Arizona State is one of only a handful of schools in the country that offers full-time degrees in real estate.
The university will benefit from the sale of a school that has seen enrollment fall from a peak of nearly 1.4 million in 2012 to about 1,200 this year.
Its flagship campus is one block from downtown Phoenix, which was the site of a 1992 bombing that killed 13 people.
The school’s alumni are one of the most successful in the state.
In 2013, it was awarded a $2.3 billion settlement from the Justice Department over the 1989 bombing of its downtown campus.
The new buyer will retain the firm’s ownership interest in the ASU Real Estate Management division.
The Arizona Board of Registrars and Trustees is expected to approve the deal this month.
