OXNARD, CALIF. — Bascom Northwest Ventures has sold Tempo at Riverpark Apartments in Oxnard to a venture led by Hines for $105 million. The Bascom Group acquired the 235-unit asset via a value-add fund in 2018 for approximately $75.3 million. The asset was developed by The Wolff Co. in 2015. Bascom invested approximately $1 million in upgrades during its hold period, during which Apartment Management Consultants was the property manager. Both buyer and seller were represented in the sale by Blake Rogers, Alex Caniglia and Kip Malo at JLL.
Tempo at Riverpark, located 60 miles northwest of Los Angeles, is situated on about 6 acres and includes one-, two- and three-bedroom floor plans and amenities such as a pool and hot tub, poolside cabanas, a grilling area, a 24-hour fitness center including a yoga and spin room and attached garages. The property is adjacent to The Collection at RiverPark, a lifestyle center anchored by a Whole Foods and a 16-screen Cinemark theater.