May 31, 2019 Comments Off on $224M Partnership Set to Rehab, Preserve 1,221 Units in Hawaii Views: 497 Hawaii, National News, West

$224M Partnership Set to Rehab, Preserve 1,221 Units in Hawaii

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.

Property Location Units
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.

*Pictured

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For comments, questions or concerns, please contact Dennis Kaiser

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