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Hunt Companies to Accept Rental Applications for New Wākea Garden Apartments Starting April 17

Hunt Companies to Accept Rental Applications for New Wākea Garden Apartments Starting April 17 April 13, 2015

Kalaeloa, Hawai‘i, April 13, 2015 — Hunt Companies’ brand-new Wākea Garden Apartments at Kalaeloa is nearing completion; completed rental applications for the reserved housing will be accepted on a first-come, first-served basis starting Friday, April 17 at 9 a.m.

Interested parties may line up at the rental community at 91-1245 Roosevelt Road no earlier than 8 a.m.

Applications are available by visiting www.wakeagardenapts.com. Interested individuals should carefully complete applications to ensure no delay in the application process, as only completed packets will be accepted on April 17.

The 100 one-bedroom, one-bath units will be ready for occupancy in June. Monthly rents will range from $1,200 to $1,500 for units that are 490-square-feet; the average price for one-bedroom rentals in the area is currently $1,600 per month, according to Cirrus Asset Management, Inc. (Cirrus). Rental rates range from 70 percent to 110 percent of area median income according to Hawai'i Community Development Authority's (HCDA) 2014 Reserved Housing Income Limits.

Gross household income of applications may not exceed 140 percent of the area median income as determined by the U.S. Department of Housing and Urban Development as follows: $80,948 for a household of one, $92,512 for two and $104,076 for a household of three individuals.

Hunt expects significant demand for the rentals as one-bedroom apartments are in short supply in West O'ahu; a recent market report performed by Cirrusestimates that only four percent of housing in the area is one-bedroom rentals.

Units feature split air-conditioning systems; energy-efficient refrigerator/freezers, stoves and microwave ovens; and double-insulated low-e glass windows.

Other property amenities include a large outdoor courtyard, community recreation room, workout facility, lounge, laundry room, barbecue area and assigned parking, as well as on-site management and maintenance staff. Cirrus will serve as the property manager.

Wākea Garden Apartments is located at the intersection with Hornet Street, just blocks from Barbers Point Elementary School.

Formerly the Bachelor Officer Quarters of the Barbers Point Naval Air Station, Wākea Garden Apartments is the first residential project in Hunt’s 20-year plan to redevelop and revitalize some 540 acres in Kalaeloa.

“With the opening of the Wākea Garden Apartments, a graffiti-laden eyesore has been transformed into a great housing option for our community members,” said Jose Bustamante, vice president of Hunt Companies’ Hawai'i division. “Our goal is to develop Kalaeloa into a job center, and we expect that many area residents will welcome the opportunity to live near where they work.”

Hunt invested approximately $12 million in the renovation of the former bachelor officer quarters, which was abandoned in 2006 and had been a magnet for vagrants.

For more information on the Wākea Garden Apartments, visit www.wakeagardenapts.com.

About Hunt Companies, Inc.

Hunt Companies, Inc. is a privately-owned company dedicated to building value through the development, investment, management and financing of real assets. Hunt provides a broad range of services to public and private sector clients. Founded in 1947 and headquartered in El Paso, Texas, Hunt has more than 1,200 direct employees. Together, Hunt and its affiliates own or manage 271,770 multifamily units and 5.1 million square feet of office, retail and industrial properties. Hunt has 16 offices throughout the United States and 3 abroad.

Hunt’s Hawai`i Division has been active in Hawai`i for more than two decades, and has long been recognized for its innovative renovation of underutilized military properties, particularly those governed by complex land agreements, as well as its commitment to creating premier master-planned communities that complement the cultural and geographical riches of the Hawaiian Islands. Hunt has built or renovated more than 6,600 homes for Hawai`i’s military families, and is responsible for the ongoing management of more than 2,000 acres—including one million square feet of commercial and industrial space. Projects include the Ford Island Master Development Agreement, Kalaeloa and Waikele on O`ahu, Pālamanui and Ke Kailani on the Big Island, and Kilauea Lighthouse Village on Kaua`i. To learn more, visit www.huntcompanies.com/hawaii. 

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