Historic Off-Market Acquisition in the Heart of Honolulu, HI. 
96 Units | Punahou Circle Apartments | President Obama's Childhood Home

Project Highlights

·         Property Type & Size: A 96-unit multifamily building, consisting of 24 Studios, 48 1bd/1ba units, and 24 2bd/1ba units.

·         Premier Location: Located in the urban core of Honolulu, HI.

·         Acquisition Price: $18,000,000

·         Nearby Landmarks: In proximity to Punahou School, University of Hawaii, Kapiolani Medical Center, Shriners Hospital, and Ala Moana Center.  The property is near major East & West thoroughfares. 

Challenges Faced:

·         Sourcing and securing an off-market opportunity: Our client wanted to target large multifamily assets and do it discreetly.

·         Negotiating a complex transaction: With numerous stakeholders on the family side getting all parties to come to an agreement was paramount.

·         Significant deferred maintenance: The property presented significant deferred maintenance requiring a large capital expenditure budget. 

Advantages Secured:

·         Leveraged years of cultivated relationships: The Seller notified us that they were open to entertaining offers. Our client was the most qualified Buyer in the market for this opportunity. 

·         Thorough due diligence process: We conducted a thorough due diligence process uncovering potential pit falls and saving the Buyer money on deferred maintenance costs prior to closing.

·         Clear path to value creation: Below-market rents present an opportunity to improve unit finishes and improve income and cashflow if the asset.

·         Part of Dual Asset Portfolio Sale:  Coupled with McCully Circle Apartments for total value of $39.5M

About McCully, Honolulu

McCully is one of Honolulu's most established and centrally located urban neighborhoods, sitting just mauka of Ala Moana and adjacent to the University of Hawaii corridor. Known for its walkability, proximity to Ala Moana Center, Kapiolani Park, and Punahou School, and easy access to downtown Honolulu and the medical district, McCully offers a dense, stable renter base and strong occupancy fundamentals. With AMX and A-2 zoning supporting multifamily density and continued urban infill demand, McCully remains a compelling market for institutional investors seeking durable cash flow and long-term appreciation in Honolulu's urban core.

Client Testimonial:

"Kynan's off-market access and quiet professionalism made this deal possible. This is exactly the kind of execution we look for in a market advisor."
— MW Group