Hale Kaloko Apartments
73-1299 through 73-1326 Onaona Dr., Kailua Kona, HI, 96740
Details
Acquisition Date: Jan-2017
Projected Sale Price: U$ 26,000,000
Summary

The property consists of twenty buildings on ten acres of land. Hale Kaloko is the largest nongovernmental apartment community in Kona and on the island of Hawaii (the big island) as a whole.<br>Through renovating 75 of the units and addition amenities such as a dog park and three gazebos, Southwestern has been able to increase the average rent from under $2 per square foot per month to over $4 per square foot per month. Unlike many properties in Hawaii, Hale Kaloko is owned in Fee Simple. Due to zoning restrictions on the island, this asset is irreplicable and we are aware of only one other project that could be built in a similar matter, that project only has potential for 50 units.<br>Currently our partner is managing the property. Southwestern is seeking management changes currently to greatly increase cash flows at the property, these include conversion to solar power, as power is the highest expense at the property. Additionally, sub-meters have been installed on every unit and t

Location

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