Local heavyweight James Campbell Co. is taking The Element back into hometown hands, agreeing to buy the 318-unit Ewa Beach apartment complex for $165 million. The deal returns the property to local ownership after Blackstone picked it up in 2022. The Element, a short walk from the University of Hawaiʻi–West Oʻahu, is one of West Oʻahu’s larger newer rental communities.
According to Pacific Business News, a Blackstone affiliate sold the complex for $165 million, about $41 million less than what Blackstone paid in 2022. Reporter Alexander Lugo lists James Campbell Co. as the buyer and notes that the transaction showed up in industry filings. The price gap puts a number on how some suburban multifamily properties are now trading below recent peaks.
The Element, at 91-3598 Nana Hope St., is shown in property listings with 318 units spread across low-rise buildings that serve students and nearby residents. Apartments.com lists amenities including a clubhouse, fitness center and pool geared to renters in the Ho'opili and West Oʻahu area.
Why the price gap matters
The roughly $41 million markdown from the 2022 purchase price highlights a reset in values for some multifamily assets that changed hands during a period of intense investor demand. Pacific Business News places the sale in a wider pattern of institutional owners rethinking their exposure in secondary and suburban markets.
What comes next
With the deal, local player James Campbell Co. now controls The Element, although the company has not publicly detailed any operational plans or potential capital improvements. Observers expect county conveyance records and upcoming management filings to clarify whether the company aims to hold the property for the long haul or reposition it for another use.
