Honolulu, HI— Standard Communities and Stanford Carr Development, in partnership with The State of Hawaii Housing Finance & Development Corporation, have closed on the last 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. Kamakee Vista, an affordable apartment community in Honolulu, HI was acquired in this last phase.

“Honolulu has some of the highest housing prices in the nation. As the housing shortage persists, so will the high prices – increasing the need for high-quality, affordable housing. This acquisition and renovation has a total capitalization of approximately $53 million, demonstrating our commitment to ensuring these units continue to provide high-quality affordable housing for generations,” said Jeffrey Jaeger, Principal and Co-Founder of Standard.

A robust $14.3 million rehabilitation will renovate unit interiors, modernize building systems, and update common areas to house a comprehensive offering of services and programs designed to enrich residents’ lives and strengthen the community. Residents will not be displaced during the renovation.

“For too many Hawaiians, the high cost of housing can be yet another burden on already strained household budgets. This substantial acquisition and rehab will provide residents with comfort and financial security during this difficult season,” said Stanford Carr, President and Founder of Stanford Carr Development. “Projects like this continue the work started by Governor David Y. Ige and reaffirms Hawaii Housing Finance & Development Corporation’s steadfast commitment to providing safe, decent, housing for all,” he added.

“Access to safe and affordable housing was a priority prior to COVID, and the pandemic has only exacerbated the need across Hawaii. Standard Communities is excited to expand our partnership with Hawaii Housing Finance & Development Corporation and Stanford Carr Development, who have worked tirelessly to ensure the creation and preservation of affordable housing in this critical time,” said Tim Bourassa, Director of Acquisitions and Underwriting at Standard. “Now, more than ever, providing affordable housing in our communities is critical,” said Mr. Bourassa.

Built in 1992, the 28-story Kamakee Vista features over 35,000 square feet of commercial space and an attached 251-parking-stall facility in addition to the 226 apartment units. The community includes a landscaped rooftop recreation deck, containing barbeque areas, meeting space, and laundry facilities. Located in the Kakaako District of Honolulu, Kamakee Vista is within walking distance of Honolulu’s major retail venues of Ala Moana and Ward Centers and offers residents spectacular ocean and mountain views with the convenience of easy access to public transportation.

“At Standard, we pride ourselves in connecting our capital with our values. This public-private partnership is a major investment in the Kakaako District, providing long-term affordability via a 75-year ground lease, and stable – affordable rents, via a land-use regulatory agreement which limits the rents charged and income of the households that call the property home,” said Robert Koerner, Chief Investment Officer of Standard.

With this transaction, Standard and Stanford Carr Development have partnered to create or preserve more than 1,220 units of affordable housing in Hawaii, with plans for continued growth via both ground-up construction and renovation of existing properties. “Standard Communities is committed to creating, preserving, and improving affordable housing, and we look forward to continuing to provide high-quality affordable housing for the residents of Hawaii,” said Scott Alter, Principal and Co-Founder of Standard Communities.

About Standard Communities

Founded in 2008, Los Angeles and New York based Standard Communities is the affordable housing division of Standard Companies. Standard Companies has a portfolio of over 13,300 apartment units, including approximately 9,500 affordable units, and has completed more than $2.4 billion of affordable housing acquisitions and rehabilitations nationwide. These transactions include the largest tax-exempt bond and LIHTC financed affordable housing transactions in the respective histories of Illinois, California, and Washington, D.C.

About Stanford Carr Development

Stanford Carr Development (SCD) has developed and built over 5,000 homes and 500+ apartments with a value of more than $2.0 billion over its 29-year history. SCD is responsible for some of the most recognizable, award-winning, and high-quality residential communities in Hawaii, including The Hawaii Kai Peninsula, The Colony at the Peninsula and Keauhou Place on Oahu, Kulalani at Mauna Lani, Waikoloa Colony Villas and Kahakai Estates on the Big Island, and the master-planned community of Kehalani, Wailea Fairway Villas and Kahoma Village on Maui. In addition to producing numerous market rate developments, Stanford Carr Development is also an active player in the affordable housing market, recently developing Halekauwila Place and Hale Kewalo, and partnering with HHFDC (and Standard Communities) to reposition and renovate a six-property, 1,221-unit portfolio of affordable housing across Hawaii.

 

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