Advertisement - Click to support our sponsors.
Seattle firm buys A 89-unit, 11-story rental apartment building near Ala Wai Canal in Waikiki has been sold to a Seattle real estate firm for about $6 million, less than half the price the property sold for a decade ago.
Waikiki apartments
The Jano Arms building is
bought for less than 50 percent
of the price it fetched a decade agoBy Tim Ruel
Star-BulletinGFS Jano Arms LLC closed its purchase of the Jano Arms building from Tokyo-based Misawa Homes Co. last week, according to filings with the state Bureau of Conveyances.
GFS Jano is managed by John Goodman, chairman and founder of Pinnacle Realty Management Co., a $4 billion property manager and broker based in Seattle.
Goodman did not return calls seeking comment yesterday.
Misawa had purchased the fee-simple high-rise from its affiliate, Misawa Resort Co., which originally bought Jano Arms for $14.5 million in 1989, according to state records.
Jano Arms, built in 1961, sits on a 16,124-square-foot piece of land bordered by Ala Wai Boulevard, Kuhio Avenue and Kaiolu and Launiu streets.
The midranged apartments, which go from about 600 to 800 square feet, are almost completely occupied, said Misawa attorney Carol Asai-Sato.
Misawa had spent just under $1 million to renovate the building in the mid-1990s, Asai-Sato said. She did not know of any other Misawa real estate holdings in Hawaii. The stock price of the publicly held home, resort and golf course developer has fallen 22 percent in the past year.