It's a first for James Campbell Co.
The Hawai‘i-based, nationally diversified real estate company recently acquired its first multi-family property: The Element, a garden-style apartment community in West O‘ahu's Ho‘opili master-planned community.
Built in 2020, The Element offers 318 one-, two- and three-bedroom rental apartments, 20% of which are reserved for households earning no more than 80% of the area median income, according to a recent announcement. Income limits vary by household size, but you can find current limits for the City and County of Honolulu here.
"The Element is an exceptional, relatively new (only 6-years-old) Class A apartment community in one of the fastest growing regions on the island," JCC President and CEO Kevin Penn told Aloha State Daily in an emailed response to questions. "The property’s ideal location near University of Hawaiʻi – West Oʻahu, Skyline Keoneʻae rail station, Ho‘opili and access to major employment centers coupled with a very limited supply of comparable Class A rental properties make it a compelling long-term addition to our portfolio. It is also a strategic complement to Nāliko, our 300-unit apartment community in Kapolei currently under construction with completion expected in late 2027.
"We’re committed to investing in the future of West O‘ahu, where we have longstanding roots, and this brings a high-quality multi-family property back under the ownership of a local company, reinforcing our role as long-term stewards of this residential community."
JCC broke ground on the $170 million Nāliko late last year. Penn told the crowd gathered in November that it was the first time the company was developing a housing community it intended to keep as part of its long-term portfolio, ASD reported at that time.
James Campbell Co. has assets totaling $4.8 billion with more than 22 million square feet of properties and 2,300 acres of land across 11 states and Washington, D.C. It has played a pivotal role in the development of Kapolei.
Penn declined to comment on The Element's acquisition price, citing company policy. Property records from the City and County of Honolulu show that the land and building have a total assessed value of nearly $89.4 million.
When asked how the purchase of The Element plays into the company's current business strategy, Penn says: "We know quality housing is an important long-term need in Hawai‘i, particularly in West O‘ahu, and The Element provides an opportunity to expand our multi-family presence through a high-quality asset in a market we know well. Adding multi-family properties enhances our portfolio diversification, while balancing our existing portfolio with a new asset type and complementing our ongoing residential development, Nāliko."
According to the announcement, The Element will continue to be managed by Greystar. Amenities include a resort-style saltwater pool with cabanas, an indoor-outdoor clubhouse, co-working facilities, shared outdoor kitchens and barbecue areas, a coffee shop and a two-story fitness center.
And ICYMI: It's not a residential development, but JCC also held a blessing ceremony last month for Waianiani at The Cove, the redevelopment of the former Paradise Cove Lū‘au site adjacent to the Ko Olina resort area, last month.
That redevelopment is being led by Cove Campbell Kobayashi LLC, a joint venture led by James Campbell Co. in partnership with Kobayashi Group, a locally owned and operated real estate development firm; and BlackSand Capital, a Hawai‘i-focused private real estate investment firm.
As ASD reported then, citing an announcement in May, Waianiani will include a new oceanfront entertainment amphitheater with nightly lū‘au shows from Tihati Productions; three full-service restaurants, including Duke's at the Cove, the chain's first West O‘ahu location; a cultural pavilion and open-air activity lawn; and a 20,000-square-foot "village walk" marketplace, with retail space that aims to showcase local artisans and produce. Meanwhile, an existing wedding chapel will be retained and improved for future use.
Paradise Cove Lū‘au closed at the end of 2025 after 47 years.
Penn told ASD last month that Waianiani was just one of five active development projects in progress for JCC, a "high water mark" for the company and its history.
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Stephanie Salmons can be reached at stephanie@alohastatedaily.com.
