Bascom Group Acquires 235-unit Apartment Community in Oxnard, California for $75.25 Million
IRVINE, Calif., March 16, 2018 /PRNewswire/ — The Bascom Group, LLC (“Bascom”) has acquired Tempo at Riverpark Apartments (“Tempo”), 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.