UH selects Greystar for major housing project on Mānoa campus

Conceptual rendering that is subject to change

Conceptual rendering that is subject to change

The University of Hawaiʻi has entered into a pre-closing agreement and pre-construction right of entry with Greystar Real Estate Partners for its first major public-private partnership (P3) that will provide on-campus housing for UH Mānoa graduate students and faculty members. 

The estimated $110 million building project will provide 388 affordable rental housing units along with a child-care facility and ground floor retail space. It will be located on the former NOAA site (approximately 2.2 acres) on Dole Street next to Burns Hall, across the street from Frear Hall. The pre-closing agreement was approved by the Board of Regents in March.

“We are constantly working to find pioneering opportunities to enhance the experience for our students, faculty and staff on campus,” said Kalbert Young, UH vice president for budget and finance and chief financial officer. “The new housing project helps meet the demand for modern, on-campus housing at a reasonable cost.”

The university is actively pursuing P3s as a way to monetize UH-owned lands to generate another revenue stream beyond tuition and state funding such as real property development, renewable energy development and facilities maintenance.

“P3s are nationally recognized as a great way for government entities to enhance financing options, shift operating costs, leverage assets and capitalize on private-sector expertise,” said Young. “The Office of Strategic Development and Partnership that was established in June 2019 will lead the coordination of real property administration for the 10 UH campuses, and P3s are a significant part of our strategy moving forward.”

Greystar will design-build, finance, operate and maintain the family-oriented mixed-use rental housing project. The company is considered a global leader in the investment, development and management of high-quality rental housing properties and collegiate facilities.

"We are thrilled and grateful for the opportunity to partner with a company of Greystar’s caliber,” said UH Vice President for Administration Jan Gouveia. "They are national leaders in the university housing industry and we look forward to bringing their expertise to our campus."

In addition to providing affordable, on-campus housing, the project is expected to generate residual free-cash flow to UH in the form of ground lease rent.

About Greystar

Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates over an estimated $165 billion of real estate in nearly 200 markets globally including offices throughout the United States, United Kingdom, Europe, Latin America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing more than 536,000 units/beds, and has a robust institutional investment management platform with approximately $36.7 billion of assets under management, including nearly $14.6 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.

About the University of Hawai‘i System

Established in 1907 and fully accredited by the Western Association of Schools and Colleges, the University of Hawai‘i System includes 10 campuses and dozens of educational, training and research centers across the state. As the sole public system of higher education in Hawai‘i, UH offers an array of undergraduate, graduate and professional degrees and community programs.  UH enrolls more than 49,000 students from Hawai‘i, the U.S. continent and around the world.  For more information visit uhnews.org.