The University of Hawaii Foundation is negotiating with the YMCA of Honolulu to purchase the Atherton Y across from the UH Manoa campus.
Michael Broderick, YMCA president and chief executive officer, said in a statement today that the nonprofit would release further details at a later date.
The foundation is a nonprofit that raised money for the UH.
There are 53 apartments with 80 beds for UH students at the Atherton Y. Most of those units are in the Charles Atherton House, a three-story building built in 1932 that also has retail space with outdoor seating that over the years has housed Burger King, Yogurtland and I Love Yogurt stores. A few apartments are in an adjacent building named after Mary Atherton Richards which was built in 1959 and houses a fitness center and the Coffeeline Campus Coffeehouse.
The city, for property tax purposes, values the Atherton Y property at a little over $10 million — $7.8 million for the land and $2.6 million for the buildings.
The UH Board of Regents in May 2015 had discussed the possible acquisition of the Atherton YMCA, which would result in the property being transferred to UH-Manoa Student Housing for administration, with an arrangement to be worked out for UH to pay for the transaction over time, according to regents’ meeting minutes.