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AVALON GROUP in the Media

January 12, 2007

Makiki apartments will go condo


A 12-story apartment building in lower Makiki sold to a local developer is being converted into condominiums.

Avalon Development Co. closed on the Makini apartment building on Kinau Street Thursday for $17.7 million. The company plans to spend several million dollars to renovate the public spaces and 20 vacant apartments, said Avalon president Christine Camp Friedman.

Sales, through Avalon Realty LLC, start on Jan. 21, she said.

The Makini, built in 1970 by the Martin family, has 88 units. The 44 one-bedroom apartments, which average 465 square feet, will be priced in the mid $200,000s, while the 44 two-bedroom units, which average 605 square feet, will be priced in the low $300,000, Camp Friedman said. Each unit has at least one parking space, and some have two, she said.

Tenants in the 68 occupied apartments are being offered the right to purchase and can continue to live there under a rent-to-own program, Camp Friedman said. Avalon will refund any rent paid between now and closing, in cash, to help offset the expenses of buying the units, she said.

Avalon plans to paint the building, replace the roof, boost security, add guest parking and renovate the vacant units. The occupied units will be renovated as well. However, existing tenants may decline the renovation and receive a credit at closing, Camp Friedman said.

Pacific Business News - January 12, 2007

http://pacific.bizjournals.com/pacific/stories/2007/01/08/daily57.html

2006 American City Business Journals, Inc. and its licensors.  All rights reserved.

 

 

 

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