LOS ANGELES, CA - Bascom Northwest Ventures announced the sale of Tempo at Riverpark Apartments. The 235-unit property was sold by a Bascom affiliated venture for $105,000,000 to a venture led by Hines. Tempo at Riverpark is located less than a mile from the Pacific Ocean in Oxnard, California and just outside Los Angeles.
Bascom Value Added Apartment Investors Fund IV ("Fund IV"), an affiliate of The Bascom Group, LLC, and a private investment group led by Bascom Northwest purchased property for $75,250,000 in 2018. Brian Wirtz, Managing Director of Bascom Northwest, assisted throughout the investment execution process.
Oxnard is less than an hour's drive from Downtown Los Angeles and only minutes' drive to the Pacific Ocean. Located between Thousand Oaks and Ventura, Oxnard has established itself as a premier upscale coastal beach town in Ventura County. With its pristine beaches, unbeatable weather, charming Channel Islands Harbor, and captivating Victorian-era architecture, Oxnard offers a diverse range of breathtaking sights that span from the ocean to the mountains.
Tempo at Riverpark is a 235-unit apartment community located in Oxnard, California. This class "A" suburban multifamily community spans approximately 6.14 acres, offers spacious floor plans averaging 955 square feet, and is accompanied by luxurious interior finishes such as in-unit laundry, stainless steel appliances, custom sliding barn doors, large bedrooms with spacious open floor plans, balconies or patios, and much more. Amenities include an outdoor pool and spa, poolside cabanas, outdoor BBQ area, and fireplace, 24/7 fitness center, yoga/spinning room, and attached garages.
The rental community is located adjacent to The Collection at RiverPark, with a California Coastal blend of retail stores, restaurants, cafes, grocery, and outdoor spaces anchored by Whole Foods Market, REI, 16-screen Cinemark movie theater, Bowlero and over 30 food and beverage options. Tempo at Riverpark was developed and constructed by the Wolff Company in 2015. It consists of 105 one-bedroom one bath units at 804 square feet, 118 two-bedroom two bath units at 1,036-1,065 square feet, and 12 three-bedroom two bath units at 1,270 square feet.
This combination of Oxnard's intrinsics and property upgrades totaling $1 million set the stage for a successful investment execution by Bascom Northwest. Apartment Management Consultants ("AMC") managed the community for Bascom over the holding period. Both parties were represented in the sale by Blake Rogers, Alex Caniglia, and Kip Malo at JLL.