Palms of Kilani is one of two properties acquired by Waterton in Hawaii.
Courtesy Waterton Palms of Kilani is one of two properties acquired by Waterton in Hawaii.

National real estate investor and operator Waterton has expanded its geographic footprint with its first acquisitions in Hawaii. The firm has purchased the 106-unit Palms of Kilani in Wahiawa and the 50-unit Waikele Towers in Waipahu on the island of Oahu. It also has partnered with Honolulu-based Tower Development, a vertically integrated real estate company, to add enhanced market expertise and local presence to property and construction management functions.

“We are continually keeping a selective and judicious eye on expansion into high barrier to entry markets with strong supply and demand metrics,” said Peter Kuzma, senior vice president of acquisitions at Waterton. “These centrally located assets are situated in an enclave of Honolulu that is somewhat insulated from the ebb and flow of the tourism activity. Waikele Towers offers convenient access to major employment centers, and Palms of Kilani is located equidistant from the north and south shores of Oahu, qualities which made these communities particularly attractive.”

Palms of Kilani offers two-, three-, and four-bedroom units as well as an outdoor pool and a playground. Waikele Towers includes two-bedroom units, each with a private balcony.

Waterton plans to make value-add improvements at the properties, which were both built in 1973, to enhance the day-to-day resident experience. The moderate renovation plan includes aesthetic upgrades to units and common areas as well as the addition of finishes and fixtures meant to withstand the elements of an island location. Mechanical and landscaping upgrades also are planned to bring the communities in line with competing product.