The Hawaii Housing Finance and Development Corp. has agreed to sell two affordable housing rental projects to the Vitus Group. The two projects are Kekuilani Gardens located in Kapolei on Oahu, and Nani o Puna located in Pahoa on the Big Island of Hawaii. Under the agreement, Vitus Group would buy the two apartment complexes for approximately $9.5 million and then lease the land from the State of Hawaii for the next 75 years. Vitus would also stated that they would spend about $3 million to renovate Kekuilani Gardens and $2.2 million to renovate Nani o Puna.
Over the last few years, the state has suggested selling its nine affordable-housing projects to private investment groups. The idea being that the private sector would be able to do a better job maintaining the projects due to the fact that they would not be bound by procurement rules and other bureaucratic issues. However, there has been a concern from the public regarding oversight of these private property management companies. The Hawaii Housing Finance and Development Corp. felt that the Vitus Group would be a good fit, since they currently manage over 7,000 affordable units in 14 states, including six projects in the Hawaiian Islands.
Source: Honolulu Star Advertiser, 4-13-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
