Kawamoto to hand over the keys

The Japanese billionaire plans to hand over the keys to his first Kahala home this morning

Japanese billionaire Gensiro Kawamoto said yesterday he plans to hand over the keys to his first Kahala home rentals this morning.

Three families by the surnames of Kahale, Wooley and Gusman, are to receive the keys to their rental homes at 4398, 4578 and 4337 Kahala Ave., according to announcement by Kawamoto yesterday afternoon.

Kawamoto plans to rent the homes out for between $100 and $150 a month, not including utilities. He says he intends to lease eight to 10 more of his homes in the tony neighborhood later on.

He had announced earlier that he intended to rent the homes out to low-income families, preferably Native Hawaiian.

Kawamoto set up a post office box and received more than 3,000 letters from interested tenants.

Calling it his "Kahala Avenue Mission," Kawamoto said he intends to rent to hardworking families with children that are having a hard time making ends meet.

Kawamoto, the head of a commercial real estate empire based in Tokyo, Marugen Building Co., began investing in Kahala Avenue homes in 2002.

He owns about 20 properties, most of which he acquired in the last 2 1/2 years for $2 million to $3 million each.

He also plans to convert a handful of homes on the makai side of Kahala Avenue into museums for his personal art collection.