Award-winning 499-unit rental community listed by CBRE
Los Angeles – July 12, 2016 – CBRE Group, Inc. announced Kapolei Lofts, a master-planned 499-unit apartment property developed by Forest City Realty Trust on Oahu, Hawaii, has been listed for sale. CBRE is offering tours in August with all offers due by September 15.Kapolei Lofts, located at Kapolei Parkway and Wakea Street, is a class-A apartment community that offers modern, contemporary living with resort-style amenities, including an 8,000 square-foot private clubhouse, large swimming pool, state-of-the-art fitness center, cyber café with complimentary Wi-Fi, electric vehicle (EV) charging stations and a self-service pet spa.
Kapolei Lofts features a range of homes from 402-square-foot one-bedrooms to 1,293-square-foot three-bedroom units. Each residence includes walk-in closets, nine-foot-tall ceilings, spacious lanais for outdoor dining, granite countertops, sustainable hardwood-style flooring and designer carpet, Energy Star appliances, full-size washer/dryer and central air conditioning.
This award-winning new community is serving a deeply underserved rental market. “Kapolei Lofts appeals to a range of renters including young professionals, young families, empty nesters, retirees, university students and military personnel,” said listing broker and CBRE Executive Vice President Laurie Lustig-Bower. “The property recently received awards thanks to its innovative, sustainable design and construction.”
Builder Magazine awarded Kapolei Lofts with a national Gold Nugget Award at the publication’s 53rd Annual awards ceremony, recognizing those who improve their communities through exceptional concepts in design, planning and development. Kapolei Lofts vied with a number of other entrants and topped all other communities built with affordable homes at a density of 30 units to the acre or less. The master-planned rental residence also received two Awards of Excellence during NAIOP Hawaii’s 19th Annual Kukulu Hale Awards ceremony in May, taking home the Green Building Award and the New Project Award – Commercial/Other
of more than 40,000 Square Feet.
Kapolei Lofts was designed and constructed with sustainability in mind. The innovative community features more than 6,000 photovoltaic panels that create 2.7 MW of solar energy, providing approximately half of the electricity used by residents in common areas. Through a partnership with the local utility, each home is equipped with a demand-response water heater that provides energy storage for approximately 25 percent of the electricity generated by the solar panels.
“Kapolei Lofts was years in the making and represents the combination of a robust apartment market and the value that we have created through our energy program is a definite winner,” said Jon Wallenstrom, President of Forest City Hawaii. “Approximately five percent of our net operating income comes from the sun, which is obviously a very reliable source of income. By injecting a strong sustainability program with this type of housing into an incredibly supply constrained market, we are really doing well, while doing good.”
The apartment property is in the heart of Kapolei near food stores, brand name retail, dining outlets and schools. It is less than 10 minutes away from amazing beaches, championship golf courses and popular parks. In addition, Kapolei Lofts residents have easy access to the H-1 freeway and are within walking distance to the planned park-and-ride station for Oahu’s proposed mass-transit system.
“The success of Kapolei Lofts has exceeded our expectations,” said Ronald Ratner, President of Development for Forest City. “The entire Forest City team and our Hawaii-based partners worked seamlessly together to make this great property a reality. Kapolei Lofts is a tribute to all involved and reflects the value Forest City has placed in both public and private partnerships throughout our 95-year history. That approach of building strong partnerships as a key to creating transformational real estate continues to guide us both in Hawaii and our other markets nationwide.”
About Kapolei Lofts
Developed by Forest City Hawaii through an innovative financing structure using both public and private funds,
Kapolei Lofts is an unparalleled rental residence with 499 units offering one-, two- and three-bedroom homes in the heart of Kapolei. A master-planned community exclusively for renters, Kapolei Lofts offers the benefits of
modern, contemporary living with resort-style amenities including private clubhouse, cyber café with
complimentary Wi-Fi, electric vehicle (EV) charging stations, self-service pet spa and professional on-site
management team. Kapolei Lofts is conveniently located in the growing urban core of Kapolei close to retail
shops, restaurants, entertainment venues, schools, beaches, championship golf courses and public transportation. Kapolei Lofts fills the need for more quality and reasonably priced housing for West Oahu residents, with home rental prices based on Area Median Income (AMI). Kapolei Lofts has won two NAIOP awards and the 2016 Golden Nugget Merit Award in the affordable category from PCBC. For more information or to join Kapolei Lofts’ interest list to receive updates on availability and pricing, visit www.kapoleilofts.com. For information about the sale of the property, visit www.CBREKapoleiLofts.com
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About Forest City
Forest City Realty Trust, Inc. is an NYSE-listed national real estate company with $8.8 billion in consolidated assets. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate throughout the United States. For more information, visit www.forestcity.net.
