HONOLULU, HI - Douglas Emmett hosted a grand opening event celebrating the completion of 491 new workforce housing units at Moanalua Hillside Apartments. The new apartments include studios and one-bedroom units designed to serve individuals and families in the 80 percent to 120 percent Average Median Income (AMI) range.
"The expansion of Moanalua Hillside Apartments provides critically needed workforce rentals for local families, individuals and military personnel," said Douglas Emmett President and Chief Executive Officer Jordan Kaplan. "With the completion of this project, we have already turned to our announced downtown conversion of 1132 Bishop from office to residential with the goal of meaningfully impacting the supply of affordable rental housing on O'ahu."
"There is a huge unmet demand for affordable housing in the City and County of Honolulu," said Mayor Kirk Caldwell. "Douglas Emmett is stepping up by providing nearly 500 new workforce housing units at Moanalua Hillside Apartments. This provides our residents the opportunity to live more resilient lives and we are grateful to Douglas Emmett for building this much needed housing product."
The grand opening ceremony included a traditional Hawaiian blessing and maile lei untying, brief remarks from Douglas Emmett executives and Mayor Kirk Caldwell, and the presentation of a $20,000 check to Red Hill Elementary School.
"We are deeply grateful for the generous gift from Douglas Emmett and know that these funds will contribute to enhancing the education of our keiki," said Rory Vierra, Principal of Red Hill Elementary School. "As one of Moanalua Hillside Apartments' neighbors, we can see and feel the effect of the revitalized apartments and are proud to welcome more residents to Moanalua and our Red Hill community."
Upgrades accompanying the expansion of Moanalua Hillside Apartments include an 8,000 square foot fitness center, a yoga studio, two saltwater pools, recreation areas, and a new management and leasing office. As the largest developer of workforce rental properties for families in Hawai'i, Douglas Emmett is currently working on converting 1132 Bishop, a 25-story downtown Honolulu office building, into approximately 500 new workforce rental apartments and also operates the Villas at Royal Kunia and Waena Apartments on O'ahu.
Source: Douglas Emmett / #Apartments #Multifamily