Rare fee-simple student housing property transacts near the University of Hawaii at Manoa

CHICAGO, Oct. 3, 2024 – JLL Capital Markets announced today that it has arranged the sale of Hale Mahana, a rare fee-simple student housing property serving the flagship University of Hawaii at Manoa in Honolulu, Hawaii.

JLL worked on behalf of the seller, Greystar, to procure the buyer, a joint venture between Timberline Real Estate Ventures and an Ares Management Real Estate fund.

Conveniently located at 2615 S King St., Hale Mahana is just a short 0.18-mile walk from the University of Hawaii campus. The University of Hawaii has seen impressive enrollment growth, with a 6% increase since 2020, largely driven by their record-breaking first-year class of over 3,000 students, surpassing their previous record by 5.7%. As a result, Hale Mahana is proud to serve a student population of over 19,000 at the University of Hawaii.

Built in 2018, Hale Mahana is a 191-unit, 589-bed student housing property, offering best-in-class amenities like study rooms, a computer lab, covered parking, a fitness center, a rooftop deck with grilling stations and ground level retail including Raising Cane’s, Jersey Mike’s and many others. The complex offers one-, two-, three- and four-bedroom units. Hale Mahana stands out as one of the few purpose-built student housing properties available to cater to the increasing demand at the University of Hawaii. All units are fully furnished, featuring equipped kitchens, stainless steel appliances, spacious rooms and updated bathrooms.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development and construction services in institutional-quality rental housing, logistics and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $320 billion of real estate in approximately 250 markets globally with offices throughout North America, Europe, South America and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages nearly 997,000 units/beds globally and has a robust institutional investment management platform comprised of over $78 billion of assets under management, including $36 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.

Timberline Real Estate Ventures is a fully integrated real estate investment and development company focused on the residential sector. With a track record exceeding $3.5 billion in total investments since its inception, we specialize in developing, acquiring and operating student housing, multifamily housing, mixed-use retail and residential communities. Timberline Real Estate Ventures is a leading owner and operator creating and managing student housing and multifamily residential communities across the US with over 35,000 beds under management.

Timberline specializes in the development, acquisition and operation of student housing, multifamily and mixed-use retail/residential communities through a combination of individual, portfolio and corporate equity and debt transactions. Based in New York, Timberline is a relative value investor investing across the capital stack and across risk profiles from core through value-add and opportunistic opportunities yielding attractive risk-adjusted returns for its partners.

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. The company seeks to provide flexible capital to support businesses and create value for their stakeholders and within their communities. By collaborating across their investment groups, ARES aims to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2024, Ares Management Corporation's global platform had over $447 billion of assets under management with more than 2,950 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.