‘Aiea, O‘ahu – Pacific Development Group, alongside its public and private partners, celebrated the blessing and grand opening of Nāulu Apartments this morning.
Nāulu Apartments is a 25-story, 302-unit affordable rental community located across from Pearl Harbor in ‘Aiea. The event marks the culmination of two years of construction and the delivery of critically needed housing for local families.
“Today is the realization of a shared vision — to create a place where local families can afford to live, grow, and thrive,” said Joe Michael, President of Pacific Development Group. “Nāulu Apartments represents years of collaboration, commitment, and belief in the power of housing to strengthen communities.”
Nāulu Apartments is the largest Low-Income Housing Tax Credit (LIHTC) project built in Hawai‘i in the last 15 years, offering studio, one-, two-, and four-bedroom apartments reserved for households earning between 30% and 60% of the Area Median Income (AMI).
“I heartily congratulate the development team of the all-affordable, 302-unit Nāulu Apartments on a job well done as they welcome their first residents this summer,” said Governor Josh Green, M.D. “Nāulu Apartments is a shining example of the good that can be accomplished when the private sector, the state government and city government come together for a common objective.”
Nearly 100 guests and residents joined this morning’s Hawaiian blessing by Kahu Kordell Kekoa, followed by tours of the project, music, and refreshments.
“Nāulu Apartments is an incredible achievement and a powerful example of what we can accomplish when government, developers, and community partners come together with a shared purpose,” said Mayor Rick Blangiardi. “This project delivers more than 300 affordable homes for local families at a time when housing is our most pressing challenge. We are deeply proud to support developments like this that provide stability, opportunity, and hope for generations to come.”
The $168 million project was made possible through a broad public-private partnership, with financing from the Hawai‘i Housing Finance and Development Corporation (HHFDC), the City and County of Honolulu, and Bank of Hawaii, and LIHTCs syndicated by Hunt Capital Partners through a proprietary fund with JPMorganChase.
”Hunt Capital Partners, and its parent company, Hunt Companies, Inc., remain committed to creating affordable housing for residents of Hawai‘i,” said Jeffrey Weiss, President at Hunt Capital Partners. “Together with our investor partners and development partners like Pacific Development Group, we’ve invested in 25 affordable housing communities which include over 1,865 affordable homes for families and seniors making 60% or less of the area median income.”
As a condition of government financing, rents will remain affordable for low-income households for at least 61 years, with units reserved for households earning no more than 30% to 60% of the annual median income in Honolulu. The 60% income limit is currently $63,840 for a single person, $72,960 for a couple and $91,200 for a family of four.
Based on the 2024 U.S. Housing and Urban Development (HUD) guidelines, rents (including utilities) will range from $704 for a studio for individuals at the 30% AMI level to $2,402 for a four-bedroom unit for those at the 60% AMI level.
“Nāulu Apartments is the kind of project that makes a real difference — not just in the number of new homes built, but in the lives it touches,” said Christopher Abbott, Bank of Hawai‘i Senior Vice President & Senior Program Manager for Affordable Housing. “Bank of Hawai‘i is proud to support a development that puts local families first and helps create a stronger, more stable future for our community.”
Designed by AHL and built by Nordic PCL Construction, Nāulu was developed with residents in mind — from sustainable building practices to ample gathering spaces. Features include a fitness center, kids' club, study lounge for afterschool programs, a multi-level sky lounge with sweeping views of Pearl Harbor, and an outdoor plaza with BBQ and picnic areas. Nāulu residents also enjoy EV charging stations, car share access, ample bike storage, and are within walking distance of the Aloha Stadium Skyline station.
Adding a cultural landmark to the community, local artist Kamea Hadar created the state’s tallest mural with an ‘iwa bird inspired by Nāulu’s namesake (“beloved rain cloud, or rain that makes the land glisten”). Hadar also curated eight other artists to enhance the common areas of Nāulu and is currently designing a second mural on the parking garage with the help of local residents.
For more information, visit www.nauluhawaii.com.
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