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CINDY ELLEN RUSSELL / OCT. 28
The University of Hawaii Foundation purchased the Atherton YMCA property adjacent to the UH-Manoa campus and plans to renovate the historic buildings for student housing.
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A more than two-year effort by the YMCA to sell its historic Manoa branch has been completed.
The University of Hawaii Foundation closed on its purchase of the Atherton YMCA for $8 million about two weeks ago, according to an announcement Tuesday from brokerage firm Colliers International.
The transaction, which was publicized in October, will involve the university leasing the property from the foundation for use as student housing after renovations expected to cost $5 million are made. UH has agreed to lease the former Y complex, which includes two buildings containing a total of 53 apartments with 80 beds along with some retail space and a fitness center, for more than $7 million over a decade.
UH arranged the deal with the foundation so that it could meet sale deadlines sought by the Y, which announced in November 2014 its intention to sell the buildings, which date to 1959 and 1932. As part of the arrangement, UH has an option to purchase the property from the foundation so that the foundation recovers its costs. Also, the Y will be able to use space in the Queen Lili‘uokalani Center for Student Services building at UH Manoa at a nominal cost.
