The iconic Oahu property sold for $20.7 million
HONOLULU, Hawai’i – CBRE’s Golf & Resort Group has announced the recent sale of Makaha Valley Golf Resort & Residences in the Oahu community of Waianae. CBRE was engaged by ownership to market the 644-acre property for sale.
Makaha Valley is the last large-scale, mixed-use development opportunity of its kind on Oahu. The fully entitled, fee-simple property enjoys 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, one golf course currently remains in operation. Two new golf courses are planned, along with approximately 494 single-family homes and 152 condominiums.
The majority of homes would be situated 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, an executive vice president with CBRE who serves as the Golf & Resort Group’s Managing Director, and Tom Berry represented the seller, along with Yasuyuki Kojima and Andrew Reenders in CBRE’s Honolulu office.
The buyer, KH Gangwon Development, intends to build out the property consistent with the existing development plans.
Mr. Woolson commented that “The future development of Makaha Valley should serve as an economic stimulus for the local area and return the property to its former glory.” Makaha Valley is the second Hawaiian master-planned golf community that CBRE has sold in the last nine months, having sold Kukui’ula on Kauai late last year.