Standard Communities, Stanford Carr Buy Final Piece of $224M Hawaii Project
The partnership purchased the Honolulu rental tower from the Hawaii Housing Finance & Development Corp.
Standard Communities and Stanford Carr Development have acquired the last of six affordable rental properties from the state of Hawaii as part of a $223.9 million public-private partnership to rehabilitate the aging 1,221-unit portfolio and preserve its affordability. The duo closed on its first phase of the partnership in May of last year with the acquisition of five properties, totaling 995 units, from the Hawaii Housing Finance & Development Corp.
For the final phase, the partners acquired Kamakee Vista, a 28-story tower with 226 units in Honolulu. The new owners plan to spend $14.3 million to renovate unit interiors, modernize building systems and upgrade common areas without displacing any residents. The acquisition and renovation will cost roughly $53 million in total.
Located at 1065 Kawaiahao St., the property was built in 1992 and includes more than 35,000 square feet of commercial space and an attached parking structure for 251 cars. Amenities include a landscaped roof deck, meeting space and laundry facilities. The community on the south side of the Hawaii capital is within walking distance of the coast as well as the shopping destinations of Ala Moana and Ward Centers.
Growing in the Aloha State
Standard Communities, the affordable housing division of Standard Cos., and Hawaii residential builder Standard Carr Development plan to continue growing in the state with ground-up construction projects on the horizon as well as renovation of existing properties.
The five other properties acquired by the duo as part of the affordable housing preservation project include three assets on the island of Oahu: Pohulani Elderly, a 263-unit senior housing community; Kauhale Kakaako, a 268-unit property; and Kekuilani Courts, an 80-unit asset. The other two communities include Honokowai Kauhale with 184 units in Maui; and Lailani Apartments, comprising 200 units in Kailua-Kona, Hawaii.
Standard Communities, which has a portfolio of more than 13,000 apartment units, recently purchased a 61-unit affordable senior community in Pasadena, Calif.