HONOLULU, HAWAII — Standard Communities has led a public-private partnership with the State of Hawaii, United States Department of Housing and Urban Development (HUD), Honolulu-based Stanford Carr Development, the City of Honolulu and Hawaii Housing Finance & Development Corp. in the acquisition of Maunakea, a 100 percent affordable housing community in Honolulu. Although the price was not disclosed, according to the acquisition team, the transaction is the largest FHA deal and Project-Based Section 8 transaction in Hawaii state history. The transaction extends the affordability of all units at the property for 20 years. Located at 1245 Maunakea St., Maunakea features 254 one-bedroom units and 125 two-bedroom units. Standard will implement renovations budgeted at more than $41 million, approximately $109,000 per unit, at the property, which was built in 1977 and renovated in 2000. In unit renovations will include updates to kitchens and bathrooms, as well as new flooring. Residents will also benefit from new windows throughout the property, a new business center, fitness center and the addition of grills to the picnic area.
