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4/19/16
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DiNapoli Capital Partners has acquired Oasis at Waipahu, a 406-unit, townhome-style community in Waipahu, Hawaii. The property was purchased with $80.5 mil in acquisition financing arranged by CBRE Capital Markets’ Debt & Structured Finance team.
The asset, located at 94-207 Waipahu St, is a garden-style apartment property in the city and county of Honolulu. Constructed in 1965 on 18 acres, the community has had ongoing renovations to its 98 residential buildings and a clubhouse/management office. DiNapoli Capital Partners plans to move forward and continue with significant interior renovations and exterior capital improvements.
The community is situated in a job-rich submarket and is located near schools, parks, and commercial development as well as the new light rail system serving southern Oahu. There continues to be high tourism rates leading to substantial job growth for the island. Hawaii’s economy is expected to continue to grow far beyond 2016 based upon recent developments in national and global economies, the Hawaiian tourism industry and construction opportunities on the island.
Andrew Behrens and Jesse Weber of CBRE’s San Francisco office facilitated the financing of the seven-year, floating-rate term. Fannie Mae provided the loan. Behrens noted, “This was an incredible opportunity to buy one of only a handful of large institutionally owned assets in a very supply constrained market."
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