CNHA purchases $7.2 million apartment complex in Kāneʻohe
Press Release from CNHA, Aug 30, 2023
The Council for Native Hawaiian Advancement (CNHA) announced today that it has finalized the purchase of the Bayview Apartment complex at 44-707 Puamohala Street in Kaneohe, O‘ahu from the Julie Peine Revocable Trust. The $7.2 million purchase also included an adjacent 4,524-square-foot commercial parcel next to the apartment’s parking lot that is currently leased to a used car sale business.
“Hawai‘i’s housing crisis is one of the most critical issues that faces our community and a main factor as to why so many of our ‘ohana are priced out of paradise and are forced to move to the continent,” said Kūhiō Lewis, CEO at CNHA. “Our goal is to build equity and acquire more properties across the islands to ensure land in Hawaiʻi is owned locally and providing affordable housing options for our lāhui.”
The 18-unit apartment complex has six (6) 2-bedroom/1-bath, and twelve (12) 1-bedroom/1- bath units. CNHA will target families under 100% Annual Median Income. The average rents will range from approximately $1,700 – $2,400 a month.
Two unoccupied units will be offered to displaced Maui residents looking to temporarily relocate to O‘ahu. For rental information, please call Chris Gerson with Housing Solutions Inc at 808-372-3380.
“The rents at Bayview Apartments are priced for working individuals and families who want to make Kaneohe their home,” added Lewis.
This is the second multi-unit apartment complex purchased by CNHA. In 2022, CNHA purchased the 10-unit Hale Manakō, located at 103 Mango Street, Wahiawā through a Community Development Block Grant from the City & County of Honolulu. Hale Manakō is an affordable rental project for residents with income below 60% of the area median income.