UCLA purchases campus, housing of now-closed Marymount University for $80 million

UCLA is apparently bursting at the seams, so they're creating a satellite campus in the South Bay.

The university announced they have acquired two properties belonging to the now-closed Marymount University in Rancho Palos Verdes and San Pedro. The $80 million land acquisition is the largest in UCLA history, according to university officials.

With the expansion, UCLA will be able to enroll an additional 1,000 students.

"As new demand for our academic offerings continues to grow, this acquisition will allow us to expand student access in line with UC's 2030 goals, strengthen our connections to the greater L.A. region, and deepen our institutions research and public service impact," UCLA Chancellor Gene Block said in a statement.

The acquisition includes Marymount's 24.5-acre main campus in Rancho Palos Verdes, 30 miles south of Westwood, and an 11-acre residential site in San Pedro. The purchase was approved by the University of California regents on Sept. 22.

Marymount shuttered earlier this year due to rising costs and declining enrollments. There was apparently intense interest in the properties from residential developers.

"We chose UCLA because it has a long track record of educational excellence, and is perfectly suited to build upon the mission of teaching and community service we established here," Brian Marcotte, president of Marymount University, said in a statement.