A Beverly Hills, Calif., commercial real estate firm announced the closing of the sale – for reportedly in the upper-$60 million – of the 5-decade-old Maui Lu Resort in Kihei.

In October, it was announced that the 28-acre Maui Lu Resort property was sold to Tokyo-based investment company the Capbridge Group and its local subsidiary, Capbridge Pacific LLC, to be turned into a 388-unit time-share project to be managed by Hilton Grand Vacations.

Terms of the sale, which was 15 months in the making, were not released at the time by Capbridge.

Maxxam Enterprises, a privately held commercial real estate investment firm, announced the completion of the sale Tuesday, noting that while the exact sale price was not disclosed “it was reported to be in the upper-$60 million range.”

The county has assessed the property at 575 S. Kihei Road at $12.2 million.

In announcing the Maui Lu sale with two others, Maxxam said that the sale “will support a significant expansion of its holdings in 2015.”

“The company’s continuing investment strategy is to acquire retail, office, industrial and multifamily properties throughout Southern California, aggressively seeking value-add and core opportunities,” according to the news release.

Capbridge is collaborating with Hilton Grand Vacations on a $300 million redevelopment of the iconic property – once known for its bungalows, pitch-and-putt golf course and the Longhouse social hall – into a time-share resort with one-, two- and three-bedroom units, the new owners said.

The main entrance to the property will be off the side road, Kaonoulu Street, and not off South Kihei Road, a Capbridge official said. The sale of the property, which is mostly mauka of South Kihei Road, includes a small piece that is makai of the road.

Groundbreaking is expected late next year, with opening in 2017, Capbridge said.

Canadians Louise and Gordon Gibson, who developed the Maui Lu, purchased the “Fort Vancouver” property for $34,000 in 1956. The first guest units were built in 1960. Four years later, 40 roundhouses were built and the property was renamed “Maui Lu.”

By 1977, when the Gibsons sold the Maui Lu to a group of Canadian investors, the resort had 150 units. There would be as many as 218 units on the property through the years, according to state documents. The Maui Lu has changed hands many times since the Gibsons sold the Maui Lu.