Bascom Buys $73.5M Property in State’s Largest Multifamily Acquisition Since ’07
- Mar 26, 2012
by Adriana Pop, Associate Editor
The Bascom Group LLC has acquired Oasis at Waipahu Apartments, a 406-unit community in Waipahu, Hawaii for $73,500,000. The sale represents the state’s largest multifamily transaction since 2007.
In a recent announcement, Andrew Newton, principal at The Bascom Group, said this is the company’s sixth acquisition in Hawaii. “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”, he added. David Kim, Managing Partner for Bascom, noted that Hawaii experiences a limited supply of institutional rental properties, as many multifamily communities are converted to condominiums.
The property covers 18.25 acres and it is located off freeway ”H1” on Fort Weaver Road and Waipahu Street, in close proximity to highways, bus lines, employers and job centers. Eighty-six percent of the apartments are two-bedroom townhomes and the rest are three-bedroom units, with an average size of 891 square feet. Community amenities include an adult pool, children’s splash pool, business center, fitness room, laundry room, Redbox DVD station, and children’s playground.
Mark Erland from Holliday Fenoglio Fowler arranged debt financing, and Andrew Newton and Paul Miszkowicz, acquisitions analyst, managed the transaction. Onsite property management will be provided by Entrada Partners.
In other news, Commercial Roofing & Waterproofing Hawaii Inc., one of the state’s largest roofing companies, recently moved to an approximately 15,000-square-foot warehouse at the Waipahu Industrial Park. President and CEO Guy Akasaki said the new headquarters has been a long-term goal, as he predicted opportunities for growth. The Pacific Business News reports that more than half of the company’s employees have moved to the new location, while the remaining employees will continue to operate from the Kakaako facility in Honolulu.
Photo credits: The Bascom Group