Bascom Buys 406 Units for $63M

WAIPAHU, HI-The Bascom Group has closed on the $63.25-million acquisition of the 406-unit Oasis at Waipahu Apartments at 94-207 Waipahu St. and plans a value-added play. The Irvine-based firm will spend $6.9 million to upgrade and reposition the complex, which it acquired from Sunset Villas Apts LLC in a deal brokered by Eastdil Secured.

Bascom’s Andrew Newton and Han Jang, who oversaw the transcation, note that the firm’s investment in the deal includes “now-scarce favorable debt financing from Capmark Finance Inc.” The financing was arranged by Century City-based George Smith Partners.

Built in 1965, the Oasis at Waipahu complex consists of 97 two-story apartment buildings and a two-story rental office, a maintenance office, a community laundry room and a pool equipment building on 18 acres. The floor plans consist of two-bedroom, one-a-and-half-bathroom townhomes; and three-bedroom, two-bath units. The property was about 93% occupied at the time of the sale.

Bascom says that the property enjoys a number of advantages, including access to interstate H-1, State Route 90/93 and State Route 76/750. The complex is north of Pearl Harbor between Queen Liliuokalani Freeway and Farrington Highway, providing access to military bases, and is within walking distance of Waipahu Shopping Plaza, Waipahu Town Center, Kaiser Clinic and St. Francis Medical Center West.

Bascom has now completed more than $382M in multifamily transactions since December. These include the acquisitions of five properties totaling 1,397 units, the refinancing of four complexes totaling 1,290 units and the sales of the four properties totaling 1,077 units.