REIT Douglas Emmett Drops $146M On Honolulu Apartments
By Andrew McIntyre Law360, New York (January 2, 2015, 2:53 PM EST) -- Douglas Emmett Inc. has purchased a 468- unit apartment complex in Honolulu for $146 million, the Santa Monica, California- based real estate investment trust announced earlier this week. For Douglas, which invests in properties in Los Angeles and Honolulu, the deal significantly expands the company’s multifamily footprint in the latter of those markets, according to the company's Dec. 30 announcement. The property, Waena Apartments, is close to downtown Honolulu and comprises 24 buildings. The apartment complex recently received a $22 million renovation that included a new solar electric system and new community center. The seller is San Francisco, California- based Carmel Partners Inc., which invests in multifamily properties in Hawaii and across the U.S. lower 48 states. Douglas said it made the purchase using its line of credit and plans to seek financing on the property. The apartments, a mix of two...