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, an affiliate of The Bascom Group 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, 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 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.
Although Fund IV has closed for new investment and has been selling properties, Bascom Value Added Apartment Investors VI, which is sponsored by Bascom, launched a new offering of its securities pursuant to Rule 506(c) under the Securities Act of 1933, as amended. Fund VI is focused on acquiring apartment communities throughout the U.S. that can be repositioned through value-add renovations, management improvements, recovery from being over leveraged and distressed, or may be a foreclosure and trading at a significant discount. The Fund has been actively raising capital and acquiring property assets. The Fund currently owns six apartment properties in five states totaling 1,138 units with approximately $83.8 million of equity invested. The Fund is seeking to raise an additional approximately $65.3 million in equity for this offering. For any questions regarding this Fund, please contact Chad Sanderson 949-955-0888 (ext. 123) or Joe Ferguson (ext. 120).
