One of Hawaii’s largest residential real estate brokerage firms has a new leader, after the man who started Locations LLC nearly 50 years ago as a three-person operation decided to step down as president and CEO.

Bill Chee told his staff Tuesday of his decision to turn over the reins of the company to Scott Higashi, who joined Locations in 2004 and was executive vice president of sales.

Chee founded Locations in his Punchbowl apartment with two partners in 1969 and grew the firm to about 300 agents in five offices today.

“The past 47 years at Locations have been incredible,” he said in a statement. “I have been a part of an amazing evolution in our industry and achieved far more than I ever dreamed possible.”

When Chee started in the business, his first sale was a $14,000 co-op apartment near ‘Iolani School. Now the median price of a condominium on Oahu is about $385,000, and for single-family homes it’s about $730,000.

Last year Locations reported brokering more than $1 billion of Hawaii property sales.

Chee, 71, will take on an advisory role and remain chairman of the board.

Higashi, who held leadership positions at commercial real estate firm Colliers Monroe Friedlander, Hawaiian Airlines and American Hawaii Cruises before he joined Locations, said he is taking over the top position at a strong company that will continue to benefit from Chee’s influence.

“I am honored that Bill has entrusted me with this great responsibility and amazing opportunity to lead the firm he built over the last 47 years,” Higashi said in a statement.