ST Residential Assumes Condo Tower Ownership in Waikiki

November 29, 2010 / Russell Legato, Residential Property Analyst

Allure Waikiki, an extraordinary condo tower located at the center of Waikiki beach in Honolulu, Hawaii is acquired by three real estate firm lead by ST Residential, an internationally renowned asset manage firm, and  WLR LeFrak and Perry Capital, along with TPG of Fort Worth, Texas.

ST Residential Assumes Condo Tower Ownership in Waikiki

The 35-storey condo tower was recently completed earlier this year. It was completed during the time when the residential high-rise building market is in decline and the economy uncertain.

ST’s Chief Executive officer Wade Hundley, an experienced principal in the diverse aspects of the hospitality business and real estate said that the condo tower, Allure, Waikiki sits on a desirable location and is a remarkable property.

According to Hundley, the company is still in the process of analyzing the kind of enhancement that could bring the condo tower to the company’s standard ST Collection asset.

The company is taking a serious approach for the condo tower, so that it brings a difference in terms of design in the recent real estate market.

St Residential is backed by the Federal Deposit Insurance Corporation or FDIC when it was created after Corus Bank, which is based in Chicago, failed on September last year.

FDIC becomes the company’s receiver and responsible for its several construction loans and residential real estate properties. FDIC also needs a financially stable real estate company as a partner to maximize its real estate portfolio.

ST Residential brings peace of mind to both real estate brokers and prospective buyers that the company will manage their business regarding the condo tower at Waikiki beach, said Hundley.

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