Naropa University announced in August it will sell its main campus in Boulder after 40 years at the location.

The university does not expect to leave the main campus before 2027. Naropa President Chuck Lief said the university’s expanding online programs were a factor.

“The Arapahoe Campus is an asset we were fortunate to have purchased 40 years ago and can now leverage to ensure the long-term financial health and sustainability of Naropa,” Lief wrote in a letter.

The campus, 2130 Arapahoe Ave, has been home to Naropa University since the early 1980s. The sale will include the buildings, classrooms, cottages and Performing Arts Center. The Nalanda campus, 6287 Arapahoe Ave, will continue to serve students, faculty and staff in its existing physical location.

Core Spaces LLC, a Chicago-based student-housing developer, is expected to buy the main campus, according to reports from BizWest.

The sale will become finalized in the coming months, according to Naropa’s website.

An audit report showed the university has faced financial challenges in the last few years, and tax records show Naropa has operated with a negative net income in eight of the last 10 years. The most recent filing for fiscal year 2023 showed a negative net income of $5,160,286.

The university said the campus sale is not to bridge any existing deficits, rather it is to invest in the future of Naropa.

The proceeds from the sale will be used to fund initiatives including hiring and retaining faculty, new professional development programs, campus infrastructure improvements and student scholarships.

The university said it is not closing and enrollment continues to grow.

Naropa was founded in 1974 by Tibetan Buddhist teacher Chögyam Trungpa.

It’s a Buddhist-inspired university with a focus on education rooted in mindfulness.

For more information on the campus sale, visit naropa.edu/about-naropa/campus-transition-announcement.