IRVINE, CA - The Bascom Group, has acquired Tempo at Riverpark Apartments, a 235-unit infill apartment community located in the vibrant Riverpark community in Oxnard, California. The $75.25 Million acquisition ($320,213/unit) closed on March 13, 2018. Brian Eisendrath, Annie Rice, and Brandon Smith of CBRE arranged the debt financing for the purchase.
Built in 2016, Tempo is in the heart of the 704-acre master-planned Riverpark community and is within walking distance of numerous parks and jogging trails, newly built schools, and premium shopping and dining at The Collection. The Collection includes tenants such as Whole Foods, Target, REI, H&M, Century Cinemas, along with many other shops and eateries.
The property's access to employers along the 101 Tech corridor, as well as the Port of Hueneme and Naval base at Point Magu, makes Tempo an attractive location and home for Oxnard residents. In addition, Ventura County has a very affluent demographic with the highest median income in Southern California at $79,637 per household and median home prices well above $600 thousand.
Scott McClave, Senior Principal of Bascom, comments "Tempo was a rare opportunity to acquire a core asset in a very desirable coastal market in Ventura County at a discount to today's replacement cost. The quality of the asset, proximity to employment, and market fundamentals were extremely attractive to us."
James Singleton, Vice President of Bascom, also added "We are excited about investing in the Oxnard multifamily market. The high barriers to multifamily development have created a limited apartment supply in a high-demand housing market that is experiencing strong growth."
Since 1998, Bascom and its affiliates have acquired 313 multifamily properties throughout the United States, totaling 82,557 units and currently holds 18,8860 units in its portfolio. Over the past twelve months Bascom has completed over $1.0 billion in multifamily transactions throughout the United States.
Paul Diamond, Senior Vice President of Operations for Bascom, comments "The community was built by a very reputable national developer and is well designed and built. We plan to implement some property upgrades that will make Tempo a top choice among multifamily product in the immediate area. The proximity to the Collection and Whole Foods makes this community a highly desirable location for renters."