California developer Carmel Partners is selling its 106-unit apartment complex in Wahiawa in Central Oahu for an undisclosed price, the broker handling the sale confirmed to PBN.

The 87,400-square-foot Palms of Kilani, which was built in 1972 and underwent a renovation in 2005, includes units ranging from two bedrooms to four bedrooms.

The three-acre property is being marketed by David Asakura, partner and principal broker of Honolulu-based Commercial Asset Advisors and Institutional Property Advisors.

Located at 1060 Kilani Ave., the Palms of Kilani was purchased by Carmel Partners’ CP III Palms of Kilani LLC for $15.4 million in 2011, according to public records.

The property has a total assessed value of $14.4 million.

Carmel Partners sold nearly 1,000 apartment rental units as part of a portfolio sale on Oahu for $300.5 million, the largest multi-family project sale in Hawaii in 2014.

The real estate investment trust sold its 520-unit Kalaeloa Rental Homes portfolio in West Oahu to a joint venture between the Boston-based real estate private equity firm, Rockpoint Group, and the California-based real estate investment firm, DiNapoli Capital Partners, for $154.5 million.

A few days later, Carmel Partners sold its 468-unit Waena Apartments in Honolulu to Douglas Emmett Inc. for $146 million.

Duane Shimogawa
Reporter
Pacific Business News