**Bascom Venture Sells Tempo at Riverpark Apartments in Oxnard for $105 Million**
Bascom Northwest Ventures, LLC has announced the sale of Tempo at Riverpark Apartments, a 235-unit multifamily property located in Oxnard, California. The property was sold for $105 million to a venture led by real estate investment firm Hines.
Tempo at Riverpark, constructed in 2015 by the Wolff Company, is situated adjacent to The Collection at Riverpark, a prominent lifestyle shopping center anchored by Whole Foods, REI, and Cinemark.
The property was originally acquired in 2018 by a joint venture between Bascom Value Added Apartment Investors Fund IV, an affiliate of The Bascom Group, and a private investment group led by Bascom Northwest, at a purchase price of $75.25 million. Brian Wirtz, Managing Director of Bascom Northwest, played a key role throughout the investment period.
During the ownership period, Bascom implemented $1 million in property upgrades. Apartment Management Consultants (AMC) managed the community and supported Bascom throughout the hold. The sale was brokered by Blake Rogers, Alex Caniglia, and Kip Malo of JLL, who represented both AMC and Bascom in the transaction.
