“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 Communities.

“Leveraging private funds through partnerships like this is a more efficient use of State resources. It’s more cost effective to sell the leasehold interest and have Standard Communities and Stanford Carr Development bring private capital to pay for renovations and other capital improvements through the sale,” said Governor David Y. Ige.