{"id":1004052905,"date":"2012-06-29T07:08:33","date_gmt":"2012-06-29T15:08:33","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=54583"},"modified":"2022-12-07T01:50:15","modified_gmt":"2022-12-07T09:50:15","slug":"affordable-housing-partners-wins-bid-to-purchase-leasehold-on-12-city-rentals","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/affordable-housing-partners-wins-bid-to-purchase-leasehold-on-12-city-rentals\/","title":{"rendered":"Affordable Housing Partners Wins Bid to Purchase Leasehold on 12 City Rentals"},"content":{"rendered":"<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/06\/ala-moana.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-54584\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/06\/ala-moana.jpg\" alt=\"\" width=\"300\" height=\"225\" \/><\/a>by Adriana Pop, Associate Editor<\/p>\n<p>The City and County of Honolulu has selected Honolulu Affordable Housing Partners LLC to complete a leasehold purchase agreement for the City&#8217;s 12 rental housing complexes.<\/p>\n<p>In February, the City and County of Honolulu issued a Request for Proposal\u00a0seeking bids from\u00a0private companies\u00a0interested in purchasing, managing and maintaining 12 affordable apartment complexes situated in various parts of Oahu, while leasing the land beneath them for 65 years.<\/p>\n<p>Honolulu Affordable Housing Partners is comprised of Highland Property Development LLC of Arcadia, Calif.; Richard Gushman of Honolulu, who has over 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>During the 65-year lease term, the purchasers will be required to abide by the current affordable housing rules. Out of a total of 1,257 units, 850 qualify as low\/moderate income under HUD guidelines, 189 qualify as gap-income units,\u00a0and the remainder of the apartments will be rented at market rates.<\/p>\n<p>The City has decided to\u00a0pursue this type of\u00a0arrangement since Hawaii experiences a rental housing deficit, which is particularly visible in the affordable sector.<\/p>\n<p>In other news, General Growth Properties Inc. plans to invest $250 million in the expansion of its 2.4 million square-foot Ala Moana Center. The Chicago-based company plans to redevelop the current 340,000-square-foot Sears store and replace it with approximately 700,000 square feet of retail and restaurant space, including a three-level, 160,000 square-foot anchor tenant. Plans also call for a fourth-level parking deck, the <em>Pacific Business News<\/em> reports.<\/p>\n<p>In April, General Growth completed the acquisition of 11 Sears anchor pads from Sears Holdings Corp. for a total of $270 million. Under the agreement, the lease on the space at Ala Moana accounted for $250 million.\u00a0\u00a0Ala Moana is\u00a0of the country\u2019s most lucrative malls, with sales surpassing $1,200 per square foot. Sears will continue to operate the store through the end of 2013.<\/p>\n<p><em>Photo credits: www.panoramio.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>by Adriana Pop, Associate Editor The City and County of Honolulu has selected Honolulu Affordable Housing Partners LLC to complete a leasehold purchase agreement for the City&rsquo;s 12 rental housing complexes. In February, the City and County of Honolulu issued a Request for Proposal&nbsp;seeking bids from&nbsp;private companies&nbsp;interested in purchasing, managing and maintaining 12 affordable apartment [&#8230;]<\/p>\n","protected":false},"author":260,"featured_media":0,"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-1004052905","post","type-post","status-publish","format-standard","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>Affordable Housing Partners Wins Bid to Purchase Leasehold on 12 City Rentals - 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\/affordable-housing-partners-wins-bid-to-purchase-leasehold-on-12-city-rentals\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Affordable Housing Partners Wins Bid to Purchase Leasehold on 12 City Rentals\" \/>\n<meta property=\"og:description\" content=\"by Adriana Pop, Associate Editor The City and County of Honolulu has selected Honolulu Affordable Housing Partners LLC to complete a leasehold purchase agreement for the City&rsquo;s 12 rental housing complexes. 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