The Bascom Group, the big OC-based multifamily investment company, recently closed on a large acquisition in Hawaii, having paid $63.25 mil for the 406-unit ($155.8k/unit) Oasis at Waipahu Apartments in Waipahu. Constructed in 1965, Oasis at Waipahu is located in the heart of Waipahu and offers convenient access to interstate H-1, State Route 90/93 and State Route 76/750.
Oasis at Waipahu Apartments sits on 18 acres and consists of 97 buildings and a two-story rental office, maintenance office, community laundry room and pool equipment building. It features two floorplans consisting of two-bedroom/one-and-a-half-bath two-story townhomes and three-bedroom/two-bath units. Oasis at Waipahu residents enjoy an excellent amenities, such as a swimming pool and a children’s pool, picnic areas with BBQ’s, gate controlled access, open mature landscaping, two tot lots, laundry rooms, storage facilities, fitness center, and a business center.
Oasis at Waipahu is ideally located north of Pearl Harbor between Queen Liliuokalani Fwy and Farrington Hwy, providing convenient access to the military bases. The apartment community is in walking distance from Waipahu Shopping Plaza, Waipahu Town Center, Kaiser Clinic, and St. Francis Medical Center West. In addition, there are several elementary schools, parks, dining restaurants, shopping entertainment, and several service oriented businesses.
Bascom plans to complete over $6.9 mil in additional improvements to the property, including a complete window replacement program, extensive landscaping upgrades, common area improvements, ongoing unit renovations and the installation of washer/dryer units in select units.
Financing was provided by Capmark Finance Inc and arranged by George Smith Partners. Andrew Newton and Han Jang of Bascom oversaw the transaction.
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