Waena Apartments changes ownership between California companies for $146M
A San Francisco development firm that converted much of the Kukui Gardens low-income housing complex on the edge of downtown Honolulu into market-rate rental apartments has sold its share of the property to another California real estate investment firm.
Carmel Partners sold the 468-unit apartment complex now known as Waena Apartments to Santa Monica, Calif.-based Douglas Emmett Inc. for $146 million.
Douglas Emmett announced the deal Tuesday.
Carmel bought Kukui Gardens, which was developed in 1970 with 857 low-income rentals, in 2007 for $131 million with the intent of redeveloping the 22-acre site bordered by Vineyard Boulevard and Liliha, Beretania and Aala streets. But after the state threatened to condemn the property to preserve affordable housing, Carmel sold 389 apartments on 11 acres to the state and California-based nonprofit developers EAH Housing and Devine & Gong Inc. for $72 million.
Carmel and the nonprofit developers collectively spent about $30 million renovating the homes. Rents were increased to market rates for Waena Apartments and remain affordable at Kukui Gardens.
Maui firm is isles’ first Berkshire affiliate
A Maui residential real estate brokerage firm has rebranded itself to become the first Hawaii affiliate of Berkshire Hathaway HomeServices.
The Valley Isle firm, Prudential Maui Realtors, was established in 1992 and is now known as Berkshire Hathaway HomeServices Maui Properties.
The deal marks the second break of a Hawaii real estate firm with Prudential Financial Inc. On Monday, Honolulu-based Prudential Locations announced it was severing ties with Prudential and would become known as Locations as of Feb. 1.
Berkshire Hathaway HomeServices is a roughly 2-year-old brand majority owned by an affiliate of Berkshire Hathaway Inc., the Nebraska-based holding company led by billionaire Warren Buffett.
Ulupono invests $65K in charging stations
Ulupono Initiative has upped its investment in the state’s biggest electric vehicle charging station operator, OpConnect, contributing $65,000 after an initial $350,000 investment in 2013.
The money will help Oregon-based OpConnect enhance its local charging network that helps promote electric vehicle use. OpConnect has nearly 100 stations on Oahu, Maui, Kauai and Hawaii island.
Chipotle CEOs apologize to New York police
NEW YORK » Two Chipotle chief executives have apologized to New York City police officers who were greeted by a restaurant employee making the "hands up, don’t shoot" gesture popular with protesters.
Co-Chief Executive Officers Steve Ells and Monty Moran said in a statement Monday that the employee’s action at a Brooklyn restaurant appeared to be spontaneous.
The incident happened Dec. 16 when a group of nine police officers entered. The officers were not refused service, but chose to leave after encountering the gesture while in line.
2 fired over explosion in Chinese factory
BEIJING » China’s Cabinet says two top officials have been fired in an eastern city over an explosion at an auto parts factory that killed 146 people. It was the country’s worst industrial accident since 2005.
The dust explosion at Zhongrong Metal Products Co. Ltd. in the city of Kunshan killed 75 people immediately. The death toll climbed to 146 when other workers died in the hospital. The factory supplied parts to General Motors.
Arrest of former Korean Air executive OK’d
SEOUL » A South Korean court on Tuesday approved the arrest of a former Korean Air Lines Co. executive who delayed a flight over a bag of macadamia nuts.
Cho Hyun-ah, the daughter of the airline’s chairman, forced the flight to return to its gate in New York to remove a senior flight attendant. She was angry that the nuts were served in a bag, not on a plate.
Prosecutors have yet to press criminal charges against Cho, but South Korean law allows authorities to arrest a suspect for up to six months over worries the person could flee or destroy evidence.
ON THE MOVE
Outrigger Enterprises has added two to the firm’s global distribution team:
» Kristopher "Kris" Honeycutt has joined Outrigger as a corporate director, digital. He was previously a senior interactive director for MVNP, formerly Milici Valenti Ng Pack.
» Marisa Guerreo as the company’s new social media strategist. She was previously a social media strategist for Nautilus in Vancouver, Wash.
Honolulu HomeLoans has announced Greg Cha as a senior loan officer. He will specialize in residential mortgage loan origination and refinancing. Cha has 20 years of mortgage industry experience and previously worked for Fidelity National Title and Finance Factors.
