The Bascom Group LLC acquired Oasis at Waipahu Apartments, a 406-unit community in Waipahu, Hawaii, for $73.5 million. The sale marks the largest multifamily transaction in Hawaii since the peak of the market in 2007.
Oasis at Waipahu is located off freeway H1 on Fort Weaver Road and Waipahu Street. It covers 18.25 acres and includes an adult pool, a children’s splash pool, a business center, a fitness room, a laundry room, Redbox DVD station and a children’s playground. Apartments at the complex average 891 sq. ft. of space and include two-bedroom townhomes and three-bedroom units.
Mark Erland, of HHF, arranged financing for the acquisition. Entrada Partners will serve as the property manager for the asset.
“The acquisition of Oasis represents the sixth acquisition in Hawaii for Bascom,” said Andrew Newton, a Bascom principal that managed the transaction for the company along with Paul Miszkowicz, in a statement. “The Hawaii market has extremely high barriers to entry with high land and construction costs. With the recovering tourism industry and lack of new construction, the rental market has seen significant gains in occupancy and revenue over the past year.”