CALABASAS, CA-Cirrus Asset Management Inc. has won four management contracts on behalf of Kamehameha Schools Endowment Fund. The portfolio consists of four multifamily and mixed-use properties that ownership is renovating in the Moiliili district of Honolulu near the University of Hawaii campus. Cirrus president Steve Heimler reports that the Calabasas-based company will provide repositioning and lease-up services for the properties, which include six buildings comprising about 100 residential units and six commercial units.

All of the properties were built in the late 1950’s and 1960’s and are in need of significant renovations, which are now under way, according to Cirrus. The renovation cost across the portfolio will approach $8 million, with unit interiors costing in the range of $25,000 per unit. The rehabilitation “will restore the older buildings to near-new condition including major replacements of plumbing and electrical systems,” Cirrus says.

Two of the properties are purely residential and back up to the university’s sports center, which includes Sheriff Stadium, while the other properties have restaurants ranging from fast food to Japanese specialty. Cirrus is responsible for management of the residential units and repositioning of total structures in cooperation with the design/development team at Kamehameha Schools, with Colliers of Hawaii responsible for the leasing of the commercial spaces.

In addition to its new assignments, Cirrus manages over 2,500 units in Hawaii, plus a 1,500-unit and growing portfolio in California and Arizona. The company was focused on the Hawaii marketplace while excluded from managing assets in the remaining 49 states during a non-compete period after Heimler sold his previous company , Stratus Real Estate, to the owners of Riverstone Residential Group in the Spring of 2007. The non-compete agreement has now expired.

Cirrus is also affiliated with Unique Boutique Hospitality Group, which manages hotels in Waikiki, HI, and also provides asset management services for nearly 4,000 units of low-income housing tax credit assets in California for several portfolio owners. In addition, Cirrus is the operating company that Keystone Investment Partners, the Whisper Holdings entities, the Napili Partners entities and the Casa IV-Evets I Fund entities use for management services in California, Hawaii and Arizona.