Interested in an affordable condo in the heart of town, walking distance from Ala Moana Shopping Center, the beach, dozens of restaurants, and other urban amenities? Kapiolani Residence, a 45-story, 485-unit tower to be constructed at 1631 Kapiolani Boulevard in 2018, is accepting applications now until August 31, 2016.
Kapiolani Residence, Exterior Rendering | Photo Courtesy Sam Koo Pacific
Built by established South Korean developer Sam Koo Pacific, Kapiolani Residence will feature 292 affordable and 192 market-rate units. For the affordable units there will be 53 studios, 107 one-bed/one-bath, 105 two-bed/two-bath, and 27 three-bed/two-bath. All units will have lanais. Affordable units are reserved for resident applicants who make less than or equal to 120% of the U.S. HUD-determined Area Median Income.
Sample anticipated floorpans for 1-bedroom units
Pricing
Anticipated prices for these units are:
Studio Starting from $272,000
1-Bed Starting from 308,000
2-Bed Starting from 418,000
3-Bed Starting from $587,000
Estimated AOAO / homeowner association fees are quite modest, ranging from $250-760 per month depending on unit size.
Model kitchen for a Kapiolani Residence unit
Amenities
The building will feature sleek modern design, high-quality finishes, brand-name kitchen appliances, and many thoughtful amenities that you may not see in full-market-rate towers. Units will have luxury vinyl plank flooring and carpeted bedrooms, walk-in closets, a Samsung split air conditioning system, stacked washer/dryer, and be fully wired for technology. Some units feature magnificent ocean or mountain views.
Model bathroom for a Kapiolani Residence unit
Common area amenities include:
- Recreational Deck & Indoor Party Room, BBQ Grills, Cabanas
- Assigned Parking in a 9-Floor Garage with a Covered Walking Bridge
- Electric Vehicle Stalls Available
- Resident Manager
- Secured by Closed-Circuit Television (CCTV)
- Elevator Lobby: 5 Elevators (1 Service)
- Bicycle Storage
Affordable units will be awarded by public lottery after the application period is closed. Units are subject to rules conveyed by the HHFDC (Hawaii Housing Finance and Development Corporation), a state agency. The HHFDC determines income eligibility; it also retains first option to purchase the property in the first ten years of ownership and requires participation in the Shared Appreciation Equity (SAE) program.
The Kapiolani Residence sales office is now open from 10am-5pm daily, located at: 1391 Kapiolani Boulevard, Suite 104, Honolulu, Hawaii 96814.
Put My Experience to Work For You
If you are interested in living at Kapiolani Residence, I can assist you navigating your application process and completing the required steps for eligibility. Please call or email:
Cathy Possedi, RB-20410
REALTOR®, SRS, SFR, MRP
Mobile: 808.728.5696
cathy@hawaiilife.com
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