Waiakea Villas Apartments, Hilo, Big Island of Hawaii
Tower purchased, REO, the fee simple interest in the Waiakea Villas, which is located 1.4 miles from our oceanfront Hilton DoubleTree Resort & Golf Course. The $7.7M Purchase Price for 162 Condominium Units is a mere $47,530/unit. The condominiums are currently operating as 154 apartments at rental rates well below the market, and 8 additional commercial condos. Tower is renovating the interior and exterior of the project and upon completion of the value-add improvements plans to remarket the project.
Our mainland experience also includes the ownership and renovation of 1000 multi-family units in Chicago, Illinois and California.