Kapolei Lofts developer lists complex for sale in West Oahu

Local News
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An entire master-planned, 499-unit apartment rental property in West Oahu is now for sale.

Kapolei Lofts is located at Kapolei Parkway and Wakea Street and features a range of homes, from 402-square-foot one-bedrooms to 1,293-square-foot three-bedroom units.

The developer, Ohio-based Forest City Realty Trust, has listed the complex for sale through brokerage firm CBRE Group Inc.

Tours will be held in August and offers are being accepted until Sept. 15.

An affiliate of James Campbell Co. leased the land under the project to Forest City and contributed $27 million toward the cost of the development.

Currently, 241 units have been leased to tenants and Forest City anticipates finishing construction of the last apartments later this summer.

While rents have varied since opening, they remain generally in the range of $1,217 to $3,500 per month.

Each residence includes walk-in closets, nine-foot-tall ceilings, lanais, granite countertops, sustainable hardwood-style flooring and designer carpet, Energy Star appliances, full-size washer/dryer and central air conditioning.

The development also features resort-style amenities, including an 8,000-square-foot private clubhouse, swimming pool, fitness center, cyber café with complimentary Wi-Fi, electric vehicle (EV) charging stations and a self-service pet spa.

There are 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.

The development has already received several awards for its innovative, sustainable design.

“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,” said Jon Wallenstrom, Forest City Hawaii president.

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