Oahu’s apartment real estate market is attracting investors’ interest with a sales volume of $463 million in 2014. While other commercial real estate parts were dominated by offshore institutional investors, 92 percent of multifamily properties were acquired by local investors according to commercial real estate firm, Colliers International Hawaii.
Most of multi-family properties sold had fewer than 10 apartment units and transaction prices under $3 million, but $300 million sale of the Waena Apartments and Kalaeloa Rental Homes portfolio marked $300 million sale.
The average sales price per apartment ranged from $202,826 to $274,520 which was 35 percent higher than last year’s record.
“Despite the low rates of initial return and intensive management requirements, multifamily properties continue to be highly prized,” William Froelich, a senior vice president of Colliers said.
