Waterton has purchased the 18-acre Oasis Townhomes in Waipahu, Hawaii, from DiNapoli Capital Partners. The firm’s acquisition of the townhome rental community more than the doubled its holdings in Hawaii.
The 406-unit Oasis Townhomes, located at 94-207 Waipahu St., offers two- and three-bedroom homes, averaging 892 square feet. The property was constructed in 1965 and has 99 two-story, garden-style buildings. Unit amenities include hardwood floors, window air conditioning, washer/dryer in select units and private balconies/patios. Resident amenities include controlled access, semi-private entry, a fitness center, a pool, a business center, a dog park and grilling stations.
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Waterton intends to renovate the residences at Oasis Townhomes, with the effort including flooring and appliance upgrades, new lighting and plumbing fixtures throughout, new backsplashes and updated cabinets in kitchens and baths. Tower Development will provide a portion of the construction and property management services at the property.
The Waipahu neighborhood’s position between Honolulu and Kapolei, the two major cities on the island of O’ahu, made Oasis Townhomes an attractive investment for Waterton.
“Its central location provides residents with easy access to major employment nodes as well as retail centers, outdoor amenities and tourist attractions throughout the island. Waterton currently owns Waikele Towers in Waipahu, and the acquisition of Oasis Townhomes allows us to build scale in an infill, transit-oriented neighborhood,” Kevin Ibasco, vice president of acquisitions at Waterton, told Multi-Housing News. “Aside from its location, Oasis has relatively unique, two-story townhome units, which have become very desirable floorplans as residents continue to seek out larger living spaces during the pandemic.”
The property is close to the Honolulu Authority for Rapid Transportation’s 20-mile, 21-station multibillion-dollar rail transit project currently under construction. The trains will connect Waipahu residents with nearby employment and retail centers as well as the Daniel K. Inouye International Airport in Honolulu. Nearby employers include the Queen’s Medical Center, Pali Momi Medical Center and the University of Hawaii.
In December 2020, the company bought two apartment properties in Honolulu in partnership with Tower Development. The partners bought the four-building, 106-unit The Palms of Kilani, located at 1060 Kilani Ave. in Wahiawa, and the 50-unit Waikele Towers, located at 94-344 Pupumomi St. in Waipahu. Waterton owns and manages 26,649 residential units across the U.S.