HONOLULU, March 14, 2012 /PRNewswire/ -- Irvine, California-based The Bascom Group, LLC has acquired Oasis at Waipahu Apartments, a 406-unit community in Waipahu, Hawaii for $73,500,000. The sale is the largest multifamily transaction in Hawaii since 2007. The acquisition for Bascom was managed by Andrew Newton and Paul Miszkowicz; debt financing was previously arranged by Mark Erland from HFF. The onsite property management will be overseen by Entrada Partners.
Oasis at Waipahu Apartments is a 406-unit apartment community covering 18.25 acres. Oasis has an outstanding unit mix with 86% two-bedroom townhome units and 14% three-bedroom units with an average size of 891 sq. ft. Units include ceiling fans in living room and bedroom areas, frost-free refrigerators, vinyl flooring, maple doors with nickel hardware, and formica countertops. Select units have been given a premium renovation to include stainless steel or black appliances, wood patterned vinyl flooring, and cherry wood cabinets packages. Oasis at Waipahu offers an array of amenities, including an adult pool, children's splash pool, business center, fitness room, laundry room, Redbox DVD station, and children's playground.
Oasis at Waipahu is located just off freeway "H1" on Fort Weaver Road and Waipahu Street. The property enjoys outstanding proximity to highways, bus lines, employers and job centers, making Oasis the location ideal for quick access throughout the Honolulu metro.
Andrew Newton, Principal for Bascom, commented, "The acquisition of Oasis represents the sixth acquisition in Hawaii for Bascom. 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." David Kim, Managing Partner for Bascom, added, "We are fortunate to be able to acquire Oasis. There have only been seven large transactions in the past seven years as many multifamily communities are converted to condominiums resulting in a limited supply of institutional rental properties in Hawaii."
About The Bascom Group, LLC: The Bascom Group, LLC (www.bascomgroup.com) is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom has completed over $6.5 billion in multi-family and commercial value-added transactions since 1996 including more than 200 multifamily properties and 55,000 units. Bascom currently ranks among the top 50 multifamily owners in the US. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Investors, Bascom Northwest Ventures, Bascom Arizona Ventures, and the Realm Group.
For additional information regarding this new location, please contact:
Principal - Acquisitions
The Bascom Group
26 Corporate Park Drive, Suite 200
Irvine, CA 92606
Tel: 949-955-0888 ext. 17
Email: [email protected]
SOURCE The Bascom Group, LLC