Through a JV with Irongate Capital Partners, BRP acquired a site from Outrigger on Waikiki Beach in Honolulu, HI. BRP provided the initial equity to the JV to develop a 460-unit condominium. BRP exited the investment after successfully entitling the project.
The JV purchased the site to develop a condominium hotel complex with the option of selling the land in advance. Complexities include the work out of two existing ground-leases. The JV was able to secure licensing rights through a relationship with the Trump Organization.