Golf resort

CBRE COMPLETES THE SALE OF MAKAHA VALLEY GOLF RESORT & RESIDENCES

Iconic Oahu property sold for $20,700,000

Honolulu, HI – CBRE’s Golf & Resort Group announced the recent sale of Makaha Valley Golf Resort & Residences in the Oahu community of Waianae. CBRE was engaged by the owner to market the 644 acre property for sale.

Makaha Valley is the last such large-scale, mixed-use development opportunity on Oahu. The fully licensed, fee simple property boasts a truly Hawaiian setting surrounded by the Waianae Mountains, with nearby beach access and a long history of championship golf. Operated for many years as a 36-hole golf resort, a golf course is currently in operation. Two new golf courses are planned, along with approximately 494 single-family homes and 152 condominiums. The majority of homes would be located west of Makaha Valley Road with resort zoning that allows for short-term rentals. Resort zoning represents a competitive advantage for the property, as there are only five defined resort zones on the entire island of Oahu, including Waikiki, Turtle Bay, Hoakalei Resort, Ko Olina, and Makaha Valley.

Jeff Woolson, executive vice president of CBRE and general manager of the Golf & Resort Group, and Tom Berry represented the seller, along with Yasuyuki Kojima and Andrew Reenders at CBRE’s office in Honolulu. The buyer, KH Gangwon Development, intends to construct the property in accordance with existing development plans. Mr Woolson said ‘future development in the Makaha Valley should serve as an economic stimulus for the region and restore the property to its former glory’. Makaha Valley is the second Hawaiian planned golf community that CBRE has sold in the past nine months, after selling Kukui’ula in Kauai late last year.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate and investment services company (based on 2021 revenues). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving customers in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; assessment and evaluation; real estate leasing; strategic advice; real estate sales; mortgage services and development services. Please visit our website at www.cbre.com.