Standard Communities and Stanford Carr Development have closed on the acquisition of the 226-unit Kamakee Vista apartments in Honolulu. The transaction is the last phase of a $223.9 million public-private partnership that will reposition 1,221 affordable housing units across six properties on the islands of Hawaii, Maui, and Oahu.

“Honolulu has some of the highest housing costs in the nation. As the housing shortage persists, so will the high prices, increasing the need for high-quality affordable housing,” said Jeffrey Jaeger, principal and co-founder of Standard. “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.”
A $14.3 million rehabilitation will renovate unit interiors, modernize building systems, and update common areas for a comprehensive offering of services and programs designed to enrich residents’ lives and strengthen the community. Residents will not be displaced during renovations.
"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 period,” said Stanford Carr, president and founder of Stanford Carr Development. “Projects like this continue the work started by Gov. David Y. Ige and reaffirms Hawaii Housing Finance & Development Corp.’s (HHFDC’s) steadfast commitment to providing safe, decent, housing for all.”
Officials said the transaction involved HHFDC, Citi Community Capital, and Fannie Mae to achieve a successful execution.
Built in 1992, the 28-story Kamakee Vista features over 35,000 square feet of commercial space and an attached parking facility for 251 cars. The community includes a landscaped rooftop recreation deck with barbecue areas, as well as meeting space and laundry facilities. Located in Honolulu’s Kakaako District, Kamakee Vista is within walking distance of the city’s major retail venues of Ala Moana and Ward Centers, and offers ocean and mountain views, with the convenience of easy access to public transportation.
Founded in 2008, Los Angeles- and New York-based Standard Communities is the affordable housing division of Standard Cos., which 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.
Stanford Carr Development has developed and built over 5,000 homes and 500-plus apartments with a value of more than $2 billion over its 29-year history.