MILWAUKEE — The campus of the former Cardinal Stritch University has been purchased by the Ramirez Family Foundation.

The Ramirez Family Foundation announced Wednesday that it acquired the 43.5-acre campus in an agreement valued at $24 million.

While specific plans for the campus will be developed over time, the facilities lend themselves to educational ministries, which are the primary focus of the foundation. The campus in Milwaukee’s north suburbs features 12 buildings with a combined 607,000 square feet of space.

Recently, the foundation supported the soon-to-be completed 900-student facility expansion at St. Augustine Preparatory Academy on Milwaukee’s south side, increasing the school’s capacity to 2,400 students.

“This is a once-in-a-generation opportunity to acquire a unique property that will, in time, provide the Ramirez Family Foundation with a platform to make an even larger impact,” said Gus Ramirez and Becky Ramirez, co-chairs of the Ramirez Family Foundation. “When the Cardinal Stritch campus first became available, we moved quickly to reach a purchase agreement. While we have a broad vision to expand access to a high-quality, Christian education for underserved students in Milwaukee, our specific plans for the campus will be determined after careful consideration, analysis and input from educational leaders at Aug Prep.”

The transaction was approved by the Cardinal Stritch University Board of Trustees and the Vatican.

Cardinal Stritch announced in April it was discontinuing operations and putting its campus up for sale. Cardinal Stritch University was established in 1937 by the Sisters of St. Francis of Assisi.

The Ramirez Family Foundation has supported more than 200 schools since its establishment.