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
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