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
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