A Hauula-based company that recently purchased two major properties in Koolauloa for approximately $3.5 million, is now extending the opportunity for local investors to participate in its real estate ventures.

Moa Mahe [pictured at left], president of Present Hawaii, which operates out of the Koolau Business Center in Hauula, said the two recent acquisitions tie in nicely with his tourism services and call center businesses.

The new acquisitions are:

• Hale Kekela in Laiemaloo [show on right, below], a large beach front property that was previously owned and used by Hawaiian Electric as a vacation retreat.
• The Plantation Spa in Kaaawa [shown on left, below].

Mahe explained Hale Kekela is permitted for vacation rentals and can accommodate up to 20 overnight guests. For booking information on that property, go to vrbo.com, Laie, listing #144869. He said he is also investigating reopening the Plantation Spa in Kaaawa, possibly as a weight-loss fitness camp.

"We're looking at different options," Mahe continued. "One idea might be to turn those properties into 'fractional' housing, similar to timeshare, where it has multiple owners. Another option is to team up with other destination club homes, similar to a company called Exclusive Resorts, www.exclusiveresorts.com, which is owned by Steve Case, formerly of AOL."

"In 2005 Exclusive Resorts spent $100 million to purchase 46 vacation properties at four beach destinations. To join this destination club requires one time membership dues ranging from $195,000 to $395,000 and does not include annual membership dues."

"What Steve Case has done is on a grand scale. We're bubble gum compared to what he is doing," Mahe said. "Our real estate interest is in areas we are familiar with, mainly Koolauloa and Waikiki."

"We are looking for partners or investors that have interest in either vacation homes or partial fractional ownership in the Koolauloa area, along with other real estate projects we are presently working on," he continued. "And with the recent purchase of these homes, we want to get the word on our new venture."

Mahe further explained investors interested in future real estate acquisitions can participate in either interest or equity accounts. "We have a few other projects we would like to launch when we're able to rebuild our real estate capital," he said.

Mahe stressed Present Hawaii's real estate initiatives have no corporate connection with his position in Mälaekahana Hui West LLC.

That company plans to develop affordable housing on 452 acres just on the Laie side of Kahuku that it purchased from Campbell Estate in June 2006. "That's a separate entity, with it's own local investment group," he said.

To spur the new real estate investments along, Mahe said Present Hawaii is working closely with former Hauula resident Kelepi 'Ofahengaue, who was instrumental in financing the recent home purchases.

"We're trying to grow ourselves with things that are related to tourism. We're also doing something about the sustainability of our community, about bringing quality jobs here. In the last year we've made a substantial investment in local real estate and expanding our company," he said.

"Last year we purchased Valued Guest, a time-share related company in the Waikiki Shopping Plaza plus 12 kiosk locations in Waikiki. By doing that, we've increased our payroll by 60%, but half of our workforce still lives out here on this side," continued Mahe, a longtime Laie resident.

"Right now, we think the timing is right to purchase in the real estate market. We've been investing for over 10 years. We're purchasing properties that are under the radar, meaning properties that are not listed. Hale Kekela was listed, but that was too good a deal to pass up," he said.

"If you are interested in some of our projects, we invite you to stop by our office in Hauula Kai Center, or call 944-0700."

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