About Avalon Development Company
Avalon Home
Avalon Advisory Services
Avalon Development Company
Commercial Real Estate
See Avalon Commercial Listings
Avalon Realty
See Avalon Residential Listings
Avalon Development News & Media
Contact Avalon
Login to Avalon

Avalon Group in the news
AVALON GROUP in the Media

January 12, 2007

Makini Apartment Building goes for $17.7M


A local developer has bought the 12-story Makiki apartment building at 1050 Kina'u Street with plans to renovate the property and sell units as fee-simple condominiums.

 

Avalon Development Co. bought the 88-unit building named Makini for $17.7 million from the trust of a kama'aina family that developed it in 1970 adjacent to the H-1 Freeway.

 

The new owner plans to spend a few million dollars on cosmetic upgrades over the next six months, then sell the refurbished units.

 

Christine Camp Friedman, Avalon president, said the company is encouraging current tenants to buy their units by giving them the first opportunity to buy and allowing them to apply the next six months of rent payments toward the purchase.

 

"We recognize they may not have the savings necessary," she said. "So we want to help them."
About 20 of the apartments are vacant, Friedman said.

 

Prices are expected to start in the mid-$200,000s for 44 one-bedroom units, and in the low $300,000s for 44 two-bedroom units.

 

The Honolulu Advertiser - January 12, 2007

http://www.honoluluadvertiser.com/apps/pbcs.dll/article?AID=2007701120338

 

COPYRIGHT 2007 The Honolulu Advertiser, a division of Gannett Co. Inc.

 

 

 

Development | Advisory | Residential | Commercial
Commercial Listings | Residential Listings
Home | About | Contact | News & Media | Login

©2006 Avalon Development Company, All Rights Reserved
.:Site design by CompIsle Systems:.