Hawaii Housing and Finance Development Corp. agreed to sell six state-owned low-income rental housing projects, comprising 1,221 units, for $170 million to Nou ka Hale Venture, a 50/50 joint venture between Los Angeles-based Standard Property Co. and Honolulu-based Stanford Carr Development, the Pacific Business News reported.

The state will continue to own the land underneath five of the properties: the 263-unit Pohulani Elderly in Kakaako; the 268-unit Kauhale Kakaako in Kakaako; the 80-unit Kekuilani Courts in Kapolei; the 184-unit Honokowai Kauhale in Lahaina on Maui; and the 200-unit Lailani Apartments in Kailua-Kona on the Big Island.

Atherton Family Foundation owns the land beneath the sixth building, the 226-unit Kamakee Vista in Kakaako.

Under the agreement, rental subsidies will be increased and extended for existing tenants in four of the buildings for 10 years, the report said, adding that Nou ka Hale plans to spend $53.9 million in capital improvements. The state will receive almost $81.3 million in net proceeds from the sale, which is expected to close in April 2018.