A local developer has bought the 12-story Makiki apartment building at 1050 Kina'u Street with plans to renovate the property and sell units as fee-simple condominiums.

Avalon Development Co. bought the 88-unit building named Makini for $17.7 million from the trust of a kama'aina family that developed it in 1970 adjacent to the H-1 Freeway.

The new owner plans to spend a few million dollars on cosmetic upgrades over the next six months, then sell the refurbished units.

Christine Camp Friedman, Avalon president, said the company is encouraging current tenants to buy their units by giving them the first opportunity to buy and allowing them to apply the next six months of rent payments toward the purchase.

"We recognize they may not have the savings necessary," she said. "So we want to help them."

About 20 of the apartments are vacant, Friedman said.

Prices are expected to start in the mid-$200,000s for 44 one-bedroom units, and in the low $300,000s for 44 two-bedroom units.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.