Inside Hunt
Old Navy housing rebranded as renters 'club'
June 5, 2006
Pacific Business News (Honolulu) - June 2, 2006
by Nina Wu
Pacific Business News
It's not exactly Ko Olina Resort, although the name might lead you to think so.
The newly branded Iroquois Point Island Club is Hunt Corp.'s transformation of a former U.S. Navy housing community in Ewa Beach into 1,463 rental homes.
Advertisements call the properties "luxury rentals," though they are simple, single-wall homes dating back to the early 1960s.
As Oahu's rental market slows, Iroquois Point is reaching out to the broader community while competing with a growing number of Leeward properties. The rental rates are competitive, and the project sits along an attractive coastline.
Monthly rentals begin at $1,795 for three bedrooms, while a handful of beach estates range up to $3,000.
The median islandwide rental rate is about $2,300, according to Prudential Locations, and $2,400 in Ewa and Makakilo.
Quality lifestyle
"It's a quality community and lifestyle," said Kiran Polk, general manager of the community, who moved to Iroquois Point herself. "That's what draws people here."
The offerings include mostly three- and four-bedroom homes, duplexes and townhomes.
Iroquois Point closed as a Navy site three years ago, the same time that Hunt Corp. entered into a 65-year lease agreement for the property and began offering the homes as rentals. Renovations are still under way and are expected to last until September.
Hunt holds the master lease on numerous Oahu properties, including Halawa Landing, Kalaeloa and Iroquois Point, as part of an $84 million development agreement with the U.S. Navy.
More than 1,000 of the units at Iroquois Point already have been leased, according to Polk -- about 70 percent to military tenants and 30 percent to civilians.
Location a challenge
Polk says the greatest challenge is explaining where Iroquois Point is.
It's at the Ewa side of Pearl Harbor, about 10 miles from Kapolei and across the water from Hickam Air Force Base.
Jerry Bangerter of Re/Max Kai Lani in Kailua, said Ewa Beach properties are more difficult to rent out because of traffic.
"In a market like ours that has slowed down a little bit, I haven't had one out there in a little while," he said. "For the right people, it works out well."
New paint, upgraded interiors and extra lifestyle amenities are expected to turn the military base into a small-town resort community. Hunt Corp. is investing more than $40 million in a larger entrance, walking paths, beach showers and restrooms, cabanas, umbrellas, picnic tables and a beach cafe.
A new 3,500-square-foot fitness center was recently completed.
The area also has two lagoons and lots of palm and plumeria trees. The marina has berths reserved for military personnel.
A water taxi, which shuttles residents to Ford Island and Pearl Harbor, and a day-care center also are limited to military personnel.
But the greatest asset, without a doubt, is the white-sand beach and view of Diamond Head.
In the plans are two swimming pools, upgraded playgrounds and a waterfront running trail.
The remote location has drawn interest from military personnel, some families, and a few baby boomers.
More marketing
Since taking over management a year ago, Pier Management Hawaii has increased its marketing campaign to target the broader community, branding Iroquois Point as an "island club." It has invested in TV and radio spots and print ads in rental magazines.
Military rental demand is not as strong as in past months, according to property managers, who expect it to ebb and flow throughout the year. The number of rental ads has increased about 60 percent, according to John Jacobson, research analyst at
Prudential Locations.
But home rental rates remain flat this year compared to last year.
Polk says she's confident that as Leeward Oahu's "second city" grows, there will be more interest in the new community.
by Nina Wu
Pacific Business News
It's not exactly Ko Olina Resort, although the name might lead you to think so.
The newly branded Iroquois Point Island Club is Hunt Corp.'s transformation of a former U.S. Navy housing community in Ewa Beach into 1,463 rental homes.
Advertisements call the properties "luxury rentals," though they are simple, single-wall homes dating back to the early 1960s.
As Oahu's rental market slows, Iroquois Point is reaching out to the broader community while competing with a growing number of Leeward properties. The rental rates are competitive, and the project sits along an attractive coastline.
Monthly rentals begin at $1,795 for three bedrooms, while a handful of beach estates range up to $3,000.
The median islandwide rental rate is about $2,300, according to Prudential Locations, and $2,400 in Ewa and Makakilo.
Quality lifestyle
"It's a quality community and lifestyle," said Kiran Polk, general manager of the community, who moved to Iroquois Point herself. "That's what draws people here."
The offerings include mostly three- and four-bedroom homes, duplexes and townhomes.
Iroquois Point closed as a Navy site three years ago, the same time that Hunt Corp. entered into a 65-year lease agreement for the property and began offering the homes as rentals. Renovations are still under way and are expected to last until September.
Hunt holds the master lease on numerous Oahu properties, including Halawa Landing, Kalaeloa and Iroquois Point, as part of an $84 million development agreement with the U.S. Navy.
More than 1,000 of the units at Iroquois Point already have been leased, according to Polk -- about 70 percent to military tenants and 30 percent to civilians.
Location a challenge
Polk says the greatest challenge is explaining where Iroquois Point is.
It's at the Ewa side of Pearl Harbor, about 10 miles from Kapolei and across the water from Hickam Air Force Base.
Jerry Bangerter of Re/Max Kai Lani in Kailua, said Ewa Beach properties are more difficult to rent out because of traffic.
"In a market like ours that has slowed down a little bit, I haven't had one out there in a little while," he said. "For the right people, it works out well."
New paint, upgraded interiors and extra lifestyle amenities are expected to turn the military base into a small-town resort community. Hunt Corp. is investing more than $40 million in a larger entrance, walking paths, beach showers and restrooms, cabanas, umbrellas, picnic tables and a beach cafe.
A new 3,500-square-foot fitness center was recently completed.
The area also has two lagoons and lots of palm and plumeria trees. The marina has berths reserved for military personnel.
A water taxi, which shuttles residents to Ford Island and Pearl Harbor, and a day-care center also are limited to military personnel.
But the greatest asset, without a doubt, is the white-sand beach and view of Diamond Head.
In the plans are two swimming pools, upgraded playgrounds and a waterfront running trail.
The remote location has drawn interest from military personnel, some families, and a few baby boomers.
More marketing
Since taking over management a year ago, Pier Management Hawaii has increased its marketing campaign to target the broader community, branding Iroquois Point as an "island club." It has invested in TV and radio spots and print ads in rental magazines.
Military rental demand is not as strong as in past months, according to property managers, who expect it to ebb and flow throughout the year. The number of rental ads has increased about 60 percent, according to John Jacobson, research analyst at
Prudential Locations.
But home rental rates remain flat this year compared to last year.
Polk says she's confident that as Leeward Oahu's "second city" grows, there will be more interest in the new community.