Bascom Northwest Ventures, LLC has announced the successful sale of Tempo at Riverpark Apartments in Oxnard, California, to a venture led by global real estate firm Hines for $105 million. The 235-unit property was originally purchased by Bascom Value Added Apartment Investors Fund IV and a private investment group led by Bascom Northwest for $75.25 million in 2018.
Tempo at Riverpark is located less than a mile from the Pacific Ocean in Oxnard, California — between Thousand Oaks and Ventura — and just outside Los Angeles. The coastal community was developed and constructed by The Wolff Company in 2015 and spans approximately 6.14 acres. The unit mix consists of 105 one-bedroom units at 804 square feet, 118 two-bedroom units at 1,036–1,065 square feet, and 12 three-bedroom units at 1,270 square feet.
The community features premium interior finishes, including in-unit laundry, stainless steel appliances, custom sliding barn doors, and balconies or patios. Community amenities include an outdoor pool and spa, poolside cabanas, an outdoor BBQ area and fireplace, a 24/7 fitness center with yoga and spinning room, and attached garages. The property is adjacent to The Collection at RiverPark — a vibrant retail destination anchored by Whole Foods Market, REI, and a 16-screen Cinemark theater.
During the hold period, Bascom completed approximately $1 million in property upgrades and Apartment Management Consultants managed the community. The sale was brokered by Blake Rogers, Alex Caniglia, and Kip Malo at JLL, who represented both the buyer and seller.
Brian Wirtz, Managing Director of Bascom Northwest, assisted throughout the investment. Bascom Northwest has acquired over 6,900 units totaling $897 million throughout the West Coast since opening its San Francisco office in 2003.