Partnership Acquires Affordable Property in Honolulu

The buyers have planned an ambitious capital improvement program for the property.

A public-private partnership has acquired the 46-year-old, 100 percent affordable Maunakea apartment tower in downtown Honolulu. Image courtesy of Standard Communities

Standard Communities has led a public-private partnership in acquiring Maunakea, a 100 percent affordable housing community in Honolulu. Other participants in the partnership are the State of Hawaii, the U.S. Department of Housing and Urban Development, Stanford Carr Development, the city of Honolulu and the Hawaii Housing Finance & Development Corp.

Built in 1977 and located at 1245 Maunakea Street in Honolulu, Maunakea is a 379-unit family community whose resident base is primarily made up of senior citizens. The unit mix features 254 one-bedroom apartments and 25 two-bedroom apartments, which include extra closet space and feature open-concept floor plans. Property amenities include a swimming pool.

Renovated in 2000, less than 25 years after its completion, Maunakea will now receive a renovation costing upwards of $41 million, or approximately $109,000 per unit. Among the improvements to be made are upgrades to unit kitchens and bathrooms, as well as new flooring in each apartment. Other enhancements will include new windows throughout the property, a new business center and new fitness center. Grills will be added to the community picnic area.

A need for affordable housing

In a prepared statement, a Standard Communities official noted that the company is committed to preserving and improving the state’s affordable housing stock as a way to alleviate economic inequality in the Aloha State.

Located in pedestrian-friendly downtown Honolulu, Maunakea sits amid modern buildings, historic structures and picturesque landscaping. It is close to shopping, employment hubs, institutions of higher learning, museums and waterfront parks. Last month, Highridge Costa made news by planning 10,000 new affordable units in Hawaii.

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