BlackSand Capital makes three-year commitment to affordable housing on Maui

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BlackSand Capital has completed a three-year, $300,000 commitment to House Maui, an initiative of the Hawaiʻi Community Foundation to create a sustainable housing market for local families on Maui.

“We view our commitment to House Maui as a natural complement to our real estate investments, to strengthen our long-term commitment to the Maui community while contributing to solutions to the affordable housing crisis,” said BJ Kobayashi, President- Managing Director of BlackSand Capital. . “We believe that investing in our Hawaiian communities is essential to creating a thriving economy in the state and we are honored to work with the Hawaiʻi Community Foundation to support this initiative.”

BlackSand Capital acquired two commercial properties on Maui in the past year: Royal Lahaina Resort, a 500-room hotel on 27 acres of beachfront in Kāʻanapali, and Premier Place, a 50,000 square foot office building in the Maui Research and Technology Park. in Kihei.

Royal Lahaina Resort. PC: Black Sand Capital

BlackSand Capital cited census data, saying 51.3% of Maui families who rent are cost burdened, meaning they spend more than 30% of their income on housing. In Maui, the median price of a single-family home rose 27% in December 2021 to $1.075 million.

The House Maui initiative brings together stakeholders to create a sustainable housing market for Maui families. The initiative has three main approaches to achieve this goal, including: aligning resources to create regional infrastructure, supporting Maui residents with the knowledge and financial empowerment to achieve their housing goals, and encouraging community voice. by families affected by the housing crisis to participate in creating solutions. HCF recently hired Keoni Kuoha to lead the initiative as director.

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“We appreciate this significant donation from BlackSand Capital and their confidence that by working together, we can ensure successful results for the House Maui program and for the residents of Maui,” said Micah Kane, CEO and President of the Hawaiʻi Community Foundation. . “BlackSand Capital’s commitment to our local community is an example of how we can work together to solve our biggest challenges in Hawaiʻi.”

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The acquisitions of the Royal Lahaina Resort and the Waikīkī Galleria Tower were the largest investments by a local investor in Hawaiʻi last year, according to a recent report by Colliers International Hawaiʻi.

BlackSand Capital is a specialized private equity firm in Hawaii. Its leaders oversaw approximately $5 billion in investment related to Hawaiian properties, including investments in workforce and affordable housing, hotels, residential condominiums, and commercial, office, and industrial buildings. .

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