{"id":1004050265,"date":"2012-10-22T03:41:49","date_gmt":"2012-10-22T11:41:49","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=75298"},"modified":"2022-12-08T20:55:02","modified_gmt":"2022-12-09T04:55:02","slug":"honolulu-officials-approve-leasehold-sale-of-city-owned-affordable-housing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/honolulu-officials-approve-leasehold-sale-of-city-owned-affordable-housing\/","title":{"rendered":"Honolulu Officials Approve Leasehold Sale of City-Owned Affordable Housing"},"content":{"rendered":"<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/10\/waikiki.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-75300\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/10\/waikiki.jpg\" alt=\"\" width=\"300\" height=\"300\" \/><\/a>By Adriana Pop, Associate Editor<\/p>\n<p>The Honolulu City Council has approved Mayor Peter Carlisle\u2019s plan to sell the city&#8217;s 12 leasehold affordable rental complexes situated in various parts of Oahu to a private entity for $142 million.<\/p>\n<p>Called Honolulu Affordable Housing Partners L.L.C., the corporation comprises Highland Property Development L.L.C. of Arcadia, Calif.; Richard Gushman of Honolulu, who has more than 40 years of real estate experience; and Stephen Gelber, a Honolulu real estate and tax attorney who has worked on many affordable housing transactions in Hawaii.<\/p>\n<p>The leasehold purchase agreement requires the entity to make a one-time payment of $142 million to the city and spend an additional $42 million within the first two years of the 65-year lease term to renovate the apartments.<\/p>\n<p>Throughout the term of the lease, the purchasers will also be required to abide by the current affordable housing rules. Under federal HUD guidelines, out of a total of 1,257 units, 850 must qualify as low-to-moderate income and 189 as gap income units, whereas the rest of the apartments will be rented at market rates.<\/p>\n<p>In other news, Black Sand Capital L.L.C. has acquired the King\u2019s Village Shopping Center in Waikiki. According to the <em>Pacific Business News<\/em>, the Honolulu-based real estate investment company purchased the property from Oregon-based Elda Investments L.L.C. for $41.3 million.<\/p>\n<p>Developed in 1972, the 38,764-square-foot retail center at 131 Kaiulani Ave. is home to more than 45 shops and restaurants, including Tanaka of Tokyo, Rock Island Cafe, King\u2019s Guard Museum and Honolulu Surf &amp; Sport. It also features Waikiki\u2019s version of Hollywood\u2019s \u201cWalk of Fame,\u201d displaying the handprints of many Hawaii celebrities.<\/p>\n<p>Black Sand Capital\u2019s other purchases in Hawaii include the majority interest in the Maile Sky Court hotel in Waikiki and the Pearlridge Uptown II section of Pearlridge Center in Aiea.<\/p>\n<p><em>Photo credits: www.cosmos.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Honolulu City Council has approved Mayor Peter Carlisle&rsquo;s plan to sell the city&#8217;s 12 leasehold affordable rental complexes situated in various parts of Oahu to a private entity for $142 million. Called Honolulu Affordable Housing Partners L.L.C., the corporation comprises Highland Property Development L.L.C. of Arcadia, Calif.; Richard Gushman of Honolulu, who has more than 40 years of real estate experience; and Stephen Gelber, a Honolulu real estate and tax attorney who has worked on many affordable housing transactions in Hawaii.<\/p>\n<p>The leasehold purchase agreement requires the entity to make a a one-time payment of $142 million to the city and spend an additional $42 million within the first two years of the 65-year lease term to renovate the apartments.<\/p>\n","protected":false},"author":260,"featured_media":1004506712,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1588,21742],"tags":[1815],"class_list":["post-1004050265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-honolulu","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Honolulu Officials Approve Leasehold Sale of City-Owned Affordable Housing - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/honolulu-officials-approve-leasehold-sale-of-city-owned-affordable-housing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Honolulu Officials Approve Leasehold Sale of City-Owned Affordable Housing\" \/>\n<meta property=\"og:description\" content=\"The Honolulu City Council has approved Mayor Peter Carlisle&rsquo;s plan to sell the city&#039;s 12 leasehold affordable rental complexes situated in various parts of Oahu to a private entity for $142 million. Called Honolulu Affordable Housing Partners L.L.C., the corporation comprises Highland Property Development L.L.C. of Arcadia, Calif.; Richard Gushman of Honolulu, who has more than 40 years of real estate experience; and Stephen Gelber, a Honolulu real estate and tax attorney who has worked on many affordable housing transactions in Hawaii.  The leasehold purchase agreement requires the entity to make a a one-time payment of $142 million to the city and spend an additional $42 million within the first two years of the 65-year lease term to renovate the apartments.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/honolulu-officials-approve-leasehold-sale-of-city-owned-affordable-housing\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-10-22T11:41:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:55:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/waikiki.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/honolulu-officials-approve-leasehold-sale-of-city-owned-affordable-housing\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/honolulu-officials-approve-leasehold-sale-of-city-owned-affordable-housing\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"Honolulu Officials Approve Leasehold Sale of City-Owned Affordable Housing\",\"datePublished\":\"2012-10-22T11:41:49+00:00\",\"dateModified\":\"2022-12-09T04:55:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/honolulu-officials-approve-leasehold-sale-of-city-owned-affordable-housing\\\/\"},\"wordCount\":318,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/honolulu-officials-approve-leasehold-sale-of-city-owned-affordable-housing\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/waikiki.jpg\",\"keywords\":[\"National\"],\"articleSection\":[\"Honolulu\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/honolulu-officials-approve-leasehold-sale-of-city-owned-affordable-housing\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/honolulu-officials-approve-leasehold-sale-of-city-owned-affordable-housing\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/honolulu-officials-approve-leasehold-sale-of-city-owned-affordable-housing\\\/\",\"name\":\"Honolulu Officials Approve Leasehold Sale of City-Owned Affordable Housing - 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