New Chinatown Affordable Rental Project Fully Occupied

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All 38 units of Honolulu’s newest affordable rental complex are now occupied after hundreds applied to rent a unit at the complex.

Developed in partnership between Geyser Holdings and the City and County of Honolulu, the “Residence at Maunakea” is a unique opportunity for residents to live right in the middle of Oahu’s historic Chinatown neighborhood and near the bustling downtown financial district where living, eating and playing all in the same area is more than just a possibility – it’s reality. 


Located on the second floor of the legendary Maunakea Marketplace, home to Hawaii’s ethnic shops and eateries, the Residence at Maunakea Marketplace’s 38 rental units encompass studio, one, and two-bedroom units, ranging in size from approximately 300 square feet to around 775 square feet. The new units replaced the second floor office and retail spaces, and were ready to occupy in late December.


“We received an enormous amount of inquiries from prospects hoping to rent a unit at this special project,” said Duane Shimogawa, project manager for Avalon Group, which through its subsidiary Avalon Commercial LLC, is in charge of leasing and management of the Residence at Maunakea Marketplace. “We hope this project serves as a model for others that will ultimately aim to help solve Hawaii’s affordable housing crisis.”


Thirty-four of the units were reserved for those earning 60% or less of the median household income, or under $52,920 annually for a single person, under $60,480 annually for 2 people and under $68,040 annually for 3 people. The remaining 4 units were reserved for previously homeless individuals. 


Amenities at the project include a fitness room, a multi-purpose room and a laundry facility, as well as being nearby a future rail transit line in Chinatown that could take passengers to the downtown area in as little as 1 minute and to the Honolulu International Airport in just 10 minutes. 


The Residence at Maunakea Marketplace also is located near world-class educational institution – Hawaii Pacific University and numerous top restaurants and lounges, unique local retailers and the epicenter for Honolulu’s art scene. 


Geyser Holdings is a Hawaii and California-based real estate investment company that, over the past decade, has acquired more than $700 million in retail, office and hotel assets. 

Geyser Holdings’ executive team includes Russell Geyser, managing member, Steve Willison, chief investment officer and former Hawaii Gov. Neil Abercrombie, director of Hawaii operations. In Hawaii, its portfolio also includes the Poipu Shopping Village on Kauai’s South Shore.


Avalon Commercial is the exclusive leasing and managing agent for the Residence at Maunakea Marketplace. Design Partners Inc. was the architect and Ralph S. Inouye Co. Ltd. was the general contractor for the project. Chad Johnston of Wayfinder Pacific was the project’s construction manager.


For more information regarding the Residence at Maunakea Marketplace, please visit: www.ResidenceAtMaunakea.com. 

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