Kapolei Rental Project Complete, Placed on the Market
Positioned as an affordable rental community with resort-style amenities, Kapolei Lofts completed construction this month with 241 of its 499 units now rented and an additional 258 available to qualified applicants.
Developer Forest City recently announced that the rental project has been placed on the market with the CBRE Group Inc., which will accept offers until Sept. 15.
Cleveland, Ohio-based Forest City became active in the Hawaii market in 2004 when it entered into a public/private venture with the U.S. Navy to operate and redevelop Navy housing around Oahu.
The 17.4-acre Kapolei Lofts master-planned rental community is located in the heart of Kapolei and bounded by Wakea Street and Kapolei Parkway. In addition to 14 three-story apartment buildings, the complex includes a clubhouse with a large swimming pool, sun-deck with cabanas, wet bar and grilling areas, a fitness center with exercise equipment and a cyber cafe with complimentary Wi-Fi and a big-screen TV. Other bonus amenities are a self-service pet spa, electric vehicle charging stations, rentable on-site storage and controlled-access entry systems. More than 6,000 photovoltaic panels create energy for common areas and demand-response water heaters in the apartments. The landscaped grounds include walking and biking paths and a linear mall that runs through the property.
The one-, twoand three-bedroom rental units range from 402 to 1,293 square feet, with rates from approximately $1,280 to $3,500 a month. Three hundred units are available to qualified renters earning up to 80 and 140 percent of the area median income for Honolulu. The remaining units are available at market rates.
All monthly rental rates include use of one assigned parking stall; additional parking may be rented by residents, if needed. Utilities are individually metered by unit and paid for by the resident.
Apartments are available in 17 different floor plans with one or two bathrooms and include spacious lanais, nine-foot ceilings, walk-in closets, central air conditioning, Whirlpool appliances — including washers, dryers and dishwashers — granite counters, kitchen islands with built-in storage, wood-grain laminate flooring, wall-to-wall carpet in bedrooms and porcelain tile flooring in bathrooms.
Forest City Hawaii director of finance Cayenne Pea noted that the community is well located, with shops, restaurants and a supermarket at Kapolei Village Center across the street and numerous schools in the area, some within walking distance. “Kapolei Lofts was planned and designed with sustainable elements to reduce overall operating costs while providing a high-quality lifestyle to residents,” she said.
The project was honored with a Green Building Award and New Project Award in NAIOP Hawaii’s annual awards program in May. Builder Magazine awarded Kapolei Lofts its Gold Nugget Award recognizing developments that improve their communities through exceptional concepts in design, planning and development.
“Forest City has had tremendous success providing housing to military families and the community in general,” Pea added. “Integrating impactful renewable energy elements into our projects is a priority, and we expect to continue developing exceptional rental projects in Hawaii. The state is in dire need of this kind of housing, and we have a proven track record of delivering a quality product on time and on budget.”
For more information about the sale of the property, visit CBREKapoleiLofts.com. For more on rental availability, go to kapoleilofts.com.