May 31, 2019
Los Angeles-based Standard Communities, in partnership with The State of Hawaii and Honolulu-based Stanford Carr Development, closed on the first phase of an innovative $223.9 million public-private partnership that will reposition 1,221 units of affordable housing across six properties located on the islands of Oahu, Hawaii, and Maui. The closing included five of the six properties, totaling 995 units, with the sixth expected to close in the coming months.
The new structure preserves all the units as affordable housing for the long-term. Residents can receive project-based rental assistance, and the six-property portfolio will undergo an $85 million rehabilitation. Unit interiors will be renovated, building systems will be modernized, and the common areas will be updated to house a comprehensive offering of services and programs. Residents will not be displaced during the renovation.
The portfolio consists of six affordable rental housing and mixed-use properties, and roughly 86,000 square feet of commercial space.
|Pohulani Elderly*||Kakaako, Oahu||263|
|Kauhale Kakaako||Kakaako, Oahu||268|
|Kamakee Vista||Kakaako, Oahu||226|
|Kekuilani Courts||Kapolei, Oahu||80|
|Honokowai Kauhale||Lahaina, Maui||184|
|Lailani Apartments||Kailua-Kona, Hawaii||200|
Connect Apartments is planned next month in Los Angeles. You can get more information and register to attend on this link.
For comments, questions or concerns, please contact Dennis Kaiser