Greystar Sells 589-Bed Community
The Honolulu property came online in 2018.
Greystar has sold Hale Mahana, a 191-unit, 589-bed student housing community in Honolulu. A joint venture between Timberline Real Estate Ventures and an Ares Management Real Estate Fund purchased the property.
The fee-simple community came online in 2018 and serves the University of Hawaii at Manoa. Greystar self-financed its construction with a $76.8 million loan originated in 2016, according to Yardi Matrix information.
The 11-story building consists of one-, two-, three- and four-bedroom floorplans ranging from 240 to 819 square feet, as well as some 15,000 square feet of retail space. All apartments are fully furnished and have updated bathrooms.
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Common-area amenities include a fitness center, clubhouse, laundry facility, business center and study rooms. The community also has a computer lab, rooftop deck with grilling stations and EV charging stations.
Located at 2615 S. King St., the mid-rise is within walking distance of the University of Hawaii at Manoa campus. Downtown Honolulu is less than 4 miles away, while the Daniel K. Inouye International Airport is 8 miles northwest.
JLL worked on behalf of the seller and procured the buyer in the transaction.
Greystar’s recent student housing activity
Greystar’s current student housing portfolio consists of more than $17.8 billion in assets under management globally. The company owns about 110,000 beds serving 82 universities.
In August, Greystar acquired Uptown Square, a 316-unit, 512-bed student community in San Marcos, Texas. Inland Private Capital sold the 2015-completed asset in a deal brokered by Institutional Property Advisors.
Earlier this year, a partnership between the company, Provident Resources Group and the University of Washington secured $183 million in tax-exempt bond financing for the acquisition of two on-campus communities in Seattle. The properties total 853 beds.
