Excel Commercial Realty Advises on $39.5 Million Off-Market Sale of Two Honolulu Apartment Buildings Totaling 195 Units
Oct 7, 2026
Dual-asset portfolio includes McCully Circle Apartments and Punahou Circle Apartments, the building where Barack Obama lived as a child.
Honolulu, HI, Hawaii, United States, October 7, 2026 -- Excel Commercial Realty represented the buyer in the off-market acquisition of two multifamily properties in Honolulu's urban core for a combined $39,500,000. The portfolio consists of McCully Circle Apartments, a 99-unit building at 1919 Citron Street, and Punahou Circle Apartments, a 96-unit building. Kynan Pang, CCIM, Principal and Owner of Excel Commercial Realty, advised the buyer, MW Group.Bank of Hawaii arranged the financing for the acquisition.
McCully Circle Apartments sold for $21,500,000. The building contains 70 one-bedroom and 29 two-bedroom units.
Punahou Circle Apartments sold for $18,000,000. The building contains 24 studios, 48 one-bedroom units, and 24 two-bedroom units. It is the apartment building where President Barack Obama lived during his childhood while attending Punahou School.
Both properties sit within proximity of Punahou School, Maryknoll School, the University of Hawaii at Manoa, Kapiolani Medical Center, Shriners Children's Hawaii, and Ala Moana Center, with direct access to Honolulu's primary east-west corridors.
How the Transaction Came Together
The buyer's mandate was to acquire large multifamily assets in Honolulu. The seller, a local family ownership group, contacted Pang directly when it became open to offers, based on a working relationship built over several years.
Three factors shaped the transaction:
- Multiple ownership stakeholders. The seller side included numerous family members, requiring alignment on outcome and decision-making.
- Deferred maintenance. Both buildings required substantial capital investment. Pang ran a thorough due diligence process, coordinating frequent site visits to the properties and operated with integrity and transparency as various building conditions were uncovered.
- Property Reposition. Collaborated with buyer to develop a thoughtful plan to reinvest in and renew legacy buildings in the heart of town, so they're positioned for another generation.
"Off-market sales in Honolulu depend on trust that is built long before a seller decides to sell," said Kynan Pang. "The family needed a credible buyer who could close on both buildings with certainty, and our client needed accurate numbers on the capital work ahead. Our job was to get all sides to a solution that allowed both parties to achieve their desired goals."
"Kynan's off-market access and quiet professionalism made this deal possible," said a representative of MW Group. "This is exactly the kind of execution and market presence we look for in an advisor."
Market Context
McCully is one of Honolulu's most centrally located residential neighborhoods, positioned mauka of Ala Moana and adjacent to the University of Hawaii corridor. Its proximity to employment centers, the medical district, and major schools supports a dense and stable renter base. AMX and A-2 zoning permit multifamily density, and Honolulu's limited land supply continues to constrain new housing construction. Transactions of this size in Honolulu's urban core are infrequent, and apartment buildings with 90 or more units rarely change hands.
About the company: Kynan Pang, CCIM, is the principal and owner of Excel Commercial Realty and specializes in Hawaii multifamily investment property sales. His experience includes work with institutional clients, local businesses and individual investors. Through Hawaii Multifamily Advisor, he provides acquisition, disposition, 1031 exchange and asset advisory services.
Contact Info:
Name: Kynan Pang CCIM
Email: Send Email
Organization: Excel Commercial Realty
Address: Honolulu Hawaii
Phone: (808) 225-8776
Website: https://excelcommercialrealty.com/
Release ID: 89205416
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