Waiakea Villas

Waiakea Villas Apartments, Hilo, Big Island of Hawaii

Tower purchased the Lender owned fee simple interest in the Waiakea Villas Project in February of 2020. The 162 Units consist of 154 apartments, and 8 additional commercial Units. Tower’s value add program consists of implementation of institutional grade management, full renovation of the interior and exterior of the project making it the best in class affordable apartments in Hilo. Upon completion of the improvements, and stabilization Tower will recapitalize the asset.

Palms of Kilani

Honolulu, Oahu | Dec. 2020 - Present

Tower and its JV Partner acquired the Palms of Kilani in Q4 2020. The property features 106 rental residences consisting of 2, 3, and 4-bedroom units spread out over four buildings. Less than half the units have been renovated, giving Tower a substantial value add opportunity. The renovation program will include unit enhancements to increase the resident experience as well as aesthetic upgrades to common areas. Property-wide updates including pool, BBQ area, playground, mechanical, roof, paint, solar car ports and landscaping upgrades will bring the community in line with competing product in the market. The Palms of Kilani was part of a joint purchase, including Waikele Towers, which was the largest multifamily transaction in Hawaii in 2020 at over $50M. 

Waikele Towers

Honolulu, Oahu | Dec. 2020 - Present

Tower and its JV Partner acquired Waikele Towers in Q4 2020. The property features 50 rental residences, consisting of all 2-bedroom floorplans located in a single mid-rise building. The value-add renovation program will include upgrades to enhance the day-to-day resident experience. Property-wide updates including in unit air conditioning, upgraded corridors, laundry room, and solar car ports will bring the building in line with competing product in the market. Waikele Towers was part of a joint purchase, including The Palms of Kilani, which was the largest multifamily transaction in Hawaii in 2020 at over $50M. 

Mala Grove Townhomes

Honolulu, Oahu | January 2022 - Present

Tower and its JV Partner acquired Oasis Townhomes in Q1 2022. Post acquisition and during the renovation process the property was repositioned and rebranded and is now referred to as Mala Grove Townhomes. The property features 406 rental residences, consisting of  2 and 3 bedroom floorplans within 99 garden style buildings on 18-acres. Value Add exterior and interior renovations will be taking place in 2022 and 2023. Planned residence renovations include flooring and appliance upgrades, as well as new lighting and plumbing fixtures throughout as well as new backsplashes and updated cabinets in kitchens and baths. The resident amenities — including a fitness center, pool, business center, dog park, and grilling stations – will also be upgraded with new furniture, fixtures and equipment.

Our mainland experience also includes the ownership and renovation of 1000 multi-family units in Chicago, Illinois and California.