Bascom Northwest Sells Tempo at Riverpark in Oxnard to Hines Led Venture for One Hundred Five Million

Bascom Northwest Ventures announced the sale of Tempo at Riverpark Apartments in Oxnard, California. The 235-unit, Class A suburban multifamily community sold for $105,000,000 to a venture led by Hines. The property sits less than a mile from the Pacific Ocean and just outside Los Angeles.

Bascom Value Added Apartment Investors Fund IV, an affiliate of The Bascom Group, LLC, together with a private investment group led by Bascom Northwest, acquired the asset in 2018 for $75,250,000. Brian Wirtz, Managing Director of Bascom Northwest, assisted throughout the investment execution process. Apartment Management Consultants managed the community during the hold period. Blake Rogers, Alex Caniglia, and Kip Malo of JLL represented both parties in the sale.

Developed by the Wolff Company and completed in 2015, Tempo at Riverpark occupies approximately 6.14 acres. Unit mix includes 105 one-bedroom, one-bath units averaging 804 square feet, 118 two-bedroom, two-bath units ranging from 1,036 to 1,065 square feet, and 12 three-bedroom, two-bath units at 1,270 square feet. Average floor plans measure about 955 square feet. Interior features reported include in-unit laundry, stainless steel appliances, custom sliding barn doors, balconies or patios, and open layouts. Community amenities include an outdoor pool and spa with cabanas, poolside barbecue and fireplace areas, a 24/7 fitness center with yoga and spinning rooms, and attached garages. Bascom Northwest completed approximately $1,000,000 in property upgrades during ownership.

Tempo at Riverpark is adjacent to The Collection at RiverPark, a mixed-use center anchored by Whole Foods Market and REI, and featuring a 16-screen Cinemark, Bowlero, and more than 30 dining and retail options. Oxnard’s coastal location, proximate to Thousand Oaks and Ventura and within an hour’s drive of Downtown Los Angeles, contributes to the asset’s market context.

The transaction highlights continued institutional interest in amenity-rich, retail-adjacent suburban coastal multifamily assets and the role of active asset management and targeted capital investment in value creation. Multifamily Leadership will continue to track similar market activity and the operational strategies that support successful executions across the sector.