County completes purchase of Lahaina Crossroads Apartments
Maui County’s acquisition of the Lahaina Crossroads Apartments has been finalized, a move that county officials hope will preserve affordable housing for tenants who were facing eviction notices earlier this year.
“The deed recorded last week, right in time for Christmas,” Mayor Michael Victorino said in a news release Friday. “Housing stability, and the peace of mind that comes with it, is one of the best gifts these tenants could get this holiday season. It’s very rewarding for this acquisition to be finalized before the New Year.”
In June, tenants of the 20-unit building on Luakini Street received “notices to vacate” to enable renovations for converting the complex into transient vacations rentals, which is permitted by current zoning, according to the county. Many of the building’s long-term tenants included retirees on fixed incomes facing few relocation prospects in the Lahaina area, the county said.
Maui County Council Member Tamara Paltin, who holds the West Maui residency seat, introduced a resolution in July urging the council to authorize purchase of the apartment complex. The council later voted to allocate up to $11 million of the county’s Affordable Housing Fund for the acquisition. The final purchase price was
$10.98 million, including closing costs, according to the county, which has executed a contract with Kokua Realty to continue managing the property through June 30, 2023.
“Mahalo to Mayor Victorino and the entire Maui County Council for acquiring the Lahaina Crossroads Apartments,” Paltin said. “Many of the tenants have lived in these apartments for more than 35 years and can’t afford to lose their affordably-priced rent. Maui County needs more affordable housing for kama‘aina than additional visitor accommodations.”
Victorino thanked the landowner, saying that “despite the potential for making more money with vacation rentals, the seller prioritized people over profit.”