Bascom Group Acquires 235-Unit Apartment Community in Southern California for $75.3M
OXNARD, CALIF. — The Bascom Group LLC has acquired Tempo at RiverPark Apartments, a 235-unit multifamily property in the Southern California community of Oxnard, for $75.3 million.
Constructed in 2016, the community is located within RiverPark, a 704-acre master-planned development that is home to residential units, elementary and middle schools, retail and entertainment options, community parks, jogging trails pedestrian paths, and playgrounds. In addition, Tempo at RiverPark is situated within walking distance of The Collection, a retail destination that houses tenants such as Whole Foods Market, Target, REI, H&M and Century Cinemas.
“Tempo was a rare opportunity to acquire a core asset in a very desirable coastal market in Ventura County at a discount to today’s replacement cost,” says Scott McClave, senior principal of Bascom. “The quality of the asset, proximity to employment and market fundamentals were extremely attractive to us.”
Tempo at RiverPark includes a mix of one-, two- and three-bedroom floor plans that feature stainless steel appliances, quartz countertops and custom tile backsplashes. Community amenities include a 24/7 fitness center, yoga and spinning rooms, coffee bar, swimming pool, poolside cabanas and outdoor grilling stations.
“The community was built by a very reputable national developer and is well designed and built,” says Paul Diamond, senior vice president of operations for Bascom. “We plan to implement some property upgrades that will make Tempo a top choice among multifamily product in the immediate area.”
Brian Eisendrath, Annie Rice and Brandon Smith of CBRE arranged acquisition financing on behalf of Bascom. The name of the seller was not disclosed.
Since 1998, Bascom and its affiliates have acquired 313 multifamily properties throughout the United States. The private equity firm currently holds 18,886 units in its portfolio and has competed more than $1 billion in multifamily transactions over the past 12 months.
— Camren Skelton