Hawaii High-Rise Gets New Owners

Situated in Honolulu, the Maunakea property is 100 percent affordable. Image courtesy of Standard Communities

Standard Communities, alongside other entities in a public-private partnership, acquired Maunakea, a 100 percent affordable housing community in Honolulu. The other buyers are the State of Hawaii, the U.S. Department of Housing and Urban Development, Stanford Carr Development, the City of Honolulu and Hawaii Housing Finance & Development Corporation.

Built in 1977 at 1245 Maunakea Street in Honolulu, Maunakea is a 379-unit family community whose resident base is primarily senior citizens. The property features 254 one-bedroom apartments and 25 two-bedroom apartments. The residences include extra closet space, ceiling fans and open-concept floor plans. Community amenities include a swimming pool.

Last renovated in 2000, less than 25 years after its completion, Maunakea will undergo a more-than-$41 million renovation, an investment of approximately $109,000 per unit.

Among the improvements will be kitchen and bathroom updates, as well as new flooring. Other enhancements will include new windows throughout, as well as a new business center and new fitness center. Grills will be added to the community picnic area.

Increased need

Hawaii has some of the nation’s highest apartment rents, heightening the need for high-quality, affordable housing. In a prepared corporate 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 lessen economic inequalities.

Maunakea is in a walkable neighborhood and is close to shopping, job hubs, institutions of higher learning, museums and waterfront parks. Last month, Highridge Costa made news by planning 10,000 new affordable units in Hawaii.