Saint Joseph's University announced Friday that it signed a letter of intent with church officials to acquire the nearly 9-acre property. The purchase is expected to close in a few weeks.
The land includes a three-story main building with more than 23,000 square feet, and two additional buildings. The university did not specify how the property would be used.
The residence is one of several properties being sold by the archdiocese as it tries to close a budget deficit. Next week, officials will auction a sprawling beachfront villa in New Jersey that had been used as a vacation home for priests.
The Philadelphia property is currently occupied by Archbishop Charles Chaput. A church spokeswoman says he will move to a neighboring seminary.