Tenants moving into the nearly finished Kapolei Lofts rental apartment complex in West Oahu could soon have a new landlord.
The developer of the 499-unit project, Ohio-based Forest City Realty Trust, has listed the complex for sale.
Forest City, which is developing Kapolei Lofts at a cost of $150 million, has listed the project for sale without an asking price through brokerage firm CBRE Group Inc. Offers are being accepted until Sept. 15.
Kapolei Lofts serves a wide range of households — including some with low incomes — with monthly rent between $1,217 and $3,500 for units with one to three bedrooms last year when an initial phase opened.
Forest City has described Kapolei Lofts as the first new rental housing project built in Hawaii with resort-style amenities and apartments for households earning both low and high incomes.
“Nobody’s done this before (in Hawaii),” Jon Wallenstrom, president of Forest City’s Hawaii affiliate, said last year. “This is the first of its kind.”
Amenities in the project include an air-conditioned gym, a pool with cabanas and a “cyber cafe” lounge where residents can use free Wi-Fi and big-screen TVs. About half of the electricity used by residents in common areas is generated by a 2.7-megawatt photovoltaic system covering parking stalls.
Forest City anticipates finishing construction of the last apartments later this summer. As of June 30, 241 units were leased to tenants, and Forest City touts the project as a success.
“The success of Kapolei Lofts has exceeded our expectations,” Ronald Ratner, the company’s development president, said in a statement. “The entire Forest City team and our Hawaii-based partners worked seamlessly together to make this great property a reality.”
Forest City developed Kapolei Lofts in partnership with an affiliate of James Campbell Co. that leased land under the project to Forest City and contributed $27 million toward the cost of development. The land is included in what Forest City hopes to sell, as the company has an option to acquire the land from Campbell.
Other financing partners included PNC Bank National Association, American Savings Bank, Bank of Hawaii, First Hawaiian Bank, Central Pacific Bank and the Hawaii Housing Finance and Development Corp., a state agency that facilitates affordable-housing development.