Douglas Emmett Acquires Honolulu Multifamily Property For $146M

Douglas Emmett, Inc.

, a real estate investment trust (REIT), announced that it has acquired Waena Apartments, a 468 unit multifamily property in Honolulu, for a purchase price of $146 million (approximately $312,000 per unit). The property consists of 24 buildings on 12 acres and is approximately 97% leased. Waena is located at 1320 Aala Street, within walking distance of downtown Honolulu. The property recently benefited from a $22 million enhancement program, including upgraded interiors, a new community center and a solar electrical system. Douglas Emmett closed the purchase using its credit line, but intends to obtain permanent financing on the property in the near future. Douglas Emmett's total multifamily portfolio now consists of 10 properties totaling 3,336 units in West Los Angeles and Honolulu. Douglas Emmett also owns 61 office properties in Los Angeles and Honolulu totaling approximately 15.3 million square feet.