HONOLULU — Community Preservation Partners (CPP) has purchased Smith-Beretania Apartments, an affordable multifamily property in Honolulu. Terms of the transaction were not released. The 22-floor housing complex features 164 one- and two-bedroom units, all of which receive subsidy under a Section 8 HAP contract. The property also features a community room, on-site management, laundry facilities, controlled access entry and dedicated parking in the adjacent parking structure. The site also provides access to a public park with a playground, basketball court, pet park and open green space. CPP plans to work with Hawaii-based business partners to invest nearly $10 million to rehabilitate the complex, with renovations to include exterior paint, unit turns, energy-efficiency improvements, accessibility upgrades and site amenity updates. CPP partnered with local lenders BlackSand Capital and Bank of Hawaii to finance the property acquisition. The company also worked with Hawaii affordable housing specialist Ahe Group in the transaction. Now under CPP ownership, future renovations to the Smith-Beretania Apartments will be financed through the Low-Income Housing Tax Credit (LIHTC) program, which will preserve its affordable housing designation for decades.
