The YMCA of Honolulu has elected to divest of another historic property to raise money for investing in programs and services elsewhere on Oahu.

The nonprofit organization announced that it has put its Atherton branch in Manoa up for sale or lease.

Colliers International, a commercial real estate brokerage firm, is marketing the property without an asking price.

The move by the YMCA of Honolulu follows a decision two years ago to sell off most of its Central Y property on Atkinson Boulevard to raise cash to build a new, smaller facility on a portion of that site near the edge of Waikiki. A California developer made a deal for the Central Y property on which it plans to develop a condominium tower.

The Y’s Atherton branch comprises two buildings on a 1-acre site across from the University of Hawaii at Manoa campus. Part of the branch houses UH students in 53 rental units with 80 beds. There is also a cafe and fitness center. The YMCA operated youth programs out of the facility.

Colliers said the YMCA of Honolulu’s board of directors concluded that providing residence hall services in buildings in need of improvement wasn’t an efficient way to use resources.

Selling or leasing the Atherton branch will allow the organization to expand services elsewhere, according to a statement from Michael Broderick, president and CEO of the YMCA of Honolulu.

"Although the physical form and location of the Atherton YMCA will change, we remain committed to serving students throughout our community through programs and service," he said.