Bascom Northwest Sells Tempo at Riverpark Apartments to Hines for One Hundred Five Million

Bascom Northwest Ventures announced the sale of Tempo at Riverpark Apartments to a venture led by Hines for $105,000,000. The 235-unit, class A suburban community is located in Oxnard, California, less than a mile from the Pacific Ocean and within an hour’s drive of Downtown 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, purchased the property 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 holding period.

Tempo at Riverpark sits on approximately 6.14 acres and offers spacious floor plans averaging 955 square feet. The community was developed and constructed by the Wolff Company in 2015 and includes 105 one-bedroom, one-bath units at 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. Interior features include in-unit laundry, stainless steel appliances, custom sliding barn doors, large bedrooms, and private balconies or patios. On-site amenities include an outdoor pool and spa with cabanas, poolside BBQ and fireplace, a 24/7 fitness center with yoga and spinning rooms, and attached garages.

The community is adjacent to The Collection at RiverPark, a mixed-use retail and entertainment center anchored by Whole Foods Market and REI, and featuring a 16-screen Cinemark, Bowlero, and over 30 food and beverage options. Bascom Northwest cited approximately $1 million in property upgrades during the hold as part of its value-enhancement strategy. Both parties were represented in the sale by Blake Rogers, Alex Caniglia, and Kip Malo of JLL.

This transaction underscores the role of location, amenity-driven product, and targeted capital improvements in suburban coastal multifamily investing. The Oxnard submarket, positioned between Thousand Oaks and Ventura with direct access to coastal amenities and regional retail, continues to attract institutional capital seeking stabilized, amenity-rich assets.