Blackstone has unloaded a West Oahu apartment complex at a significant loss, with a local investor stepping in to absorb the deal. The sale signals continued pressure on institutional landlords in Hawaii's multifamily market, even as local buyers see opportunity in distressed pricing.
Blackstone / The Element at Ho'opili
Property: The Element at Ho'opili
Location: Ho'opili, Ewa Beach / East Kapolei, Oahu
Part of the master-planned Ho'opili development between Kapolei and Ewa Beach.
Ownership: Acquired by a Blackstone affiliate during the peak of the apartment investment market in 2022.
Acquisition price: Approximately $206 million.
The property was later marketed for sale at a valuation reportedly well below Blackstone's purchase price.
The expected sale price implied a potential loss of tens of millions of dollars compared with the 2022 acquisition.