The happiness awaiting us there may not be the kind of happiness we hope for.
Literal
There [location-で] we [object-を] waiting happiness [subject-が], we [subject-が] hope-[like-ような] happiness [copula not-では] [might-かもしれない].
Two nested relative clauses both modifying 幸福 ('happiness'): 'the happiness waiting for us there' and 'the happiness we wish for.' ようだ here appears in its adjectival form ような, forming a relative phrase 望むような幸福 ('happiness of the kind (we) wish for'). The sentence's structure reflects a contemplative, almost melancholy tone.