Keiser University in Florida will buy Northwood University's campus in West Palm Beach, school officials announced.

Keiser, a nonprofit university with 18 campuses across the state, will pursue its long term goal of establishing a residential campus. The agreement between the two institutions will also provide Northwood University the opportunity to enhance its educational offerings at its residential campus in Midland, Michigan.

The partnership ensures that the two diverse institutions will continue their long term commitments toward their strategic goals on behalf of students and equally ensure the students at the West Palm Beach campus complete their education in an effective and seamless manner. This agreement is subject to final regulatory and governmental approvals.

"We are committed to continuing to provide students with opportunities to develop the knowledge, understanding, and talent needed to compete globally and achieve their dreams," Dr. Arthur Keiser, chancellor and CEO of Keiser University, said in a statement. "This agreement will allow our regionally-accredited, not-for-profit university to meet our goal to provide students with a residential, traditional, educational experience in West Palm Beach Florida."

At the new location, Keiser University will offer educational programs at the undergraduate and graduate levels.

All current Northwood University - West Palm Beach undergraduate students will have the opportunity to become Keiser University students effective July 1, 2015. Both Keiser and Northwood Universities will be assisting students to understand their options to achieve their educational goals.

A new development being proposed by Keiser University is their new Center for Entrepreneurship and Innovation. It is intended to prepare graduates to start their own businesses and reach greater heights in their chosen professions, and many Keiser University and Northwood University alumni already have.

Keiser will maintain the existing extracurricular programs currently offered by Northwood University, including the athletic programs.