Bascom Northwest Ventures Finalizes Successful Sale of Tempo at Riverpark Apartments for $105 Million

Bascom Northwest Ventures Completes Sale of Tempo at Riverpark Apartments

In a significant development in the real estate sector, Bascom Northwest Ventures, LLC, has announced the successful sale of the Tempo at Riverpark Apartments. This impressive transaction closed at $105 million, marking a notable achievement within the multifamily property market. The 235-unit apartment community, strategically located in Oxnard, California, was sold to an affiliate of the renowned Hines Company, solidifying its position in the competitive housing market.

About the Property

The Tempo at Riverpark Apartments is more than just a housing complex. Located less than a mile from the stunning Pacific Ocean and just outside Los Angeles, this property boasts a prime location that is highly sought after by renters. Oxnard itself is known for its charming beach-town vibes, vibrant community, and close proximity to beautiful beaches and picturesque landscapes.

The community stretches across 6.14 acres and features a variety of unit sizes including spacious one, two, and three-bedroom apartments, offering floor plans that average 955 square feet. Notable features include luxurious interior finishes, in-unit laundry, stainless steel appliances, and custom sliding barn doors. Residents also enjoy amenities such as an outdoor pool and spa, fitness center, and a clubhouse, perfect for social gatherings.

Transaction Details

The property was initially acquired in 2018 through Bascom’s Value Added Apartment Investors Fund IV for $75.25 million and underwent extensive enhancements worth $1 million during the ownership period. According to Brian Wirtz, Managing Director at Bascom Northwest, the strategic improvements and upgrades significantly increased the property's market value and appeal.

Apartment Management Consultants (AMC) played a pivotal role in managing the property during Bascom's ownership, ensuring high occupancy rates and effective property management that led to successful rental income growth.

Future Endeavors

While Fund IV has concluded its new investment phase, Bascom Northwest Ventures is pivoting toward future opportunities. The new Fund VI, initiated by Bascom, aims to invest in various apartment communities across the U.S. that show potential for revitalization through purposeful renovations and management improvements. They've set a goal to raise approximately $65.3 million for this initiative, indicating a continued commitment to strategic investments and partnerships in the multifamily housing sector.

With Fund VI already making strides by acquiring six apartment properties totaling 1,138 units, the future seems bright for Bascom Northwest Ventures. For those interested in more details regarding this sale or the new fund offering, Chad Sanderson and Joe Ferguson can be contacted for more information.

Conclusion

The sale of Tempo at Riverpark Apartments not only highlights Bascom Northwest’s strategic approach to property management and investment but also showcases the ongoing demand for high-quality residential spaces in Oxnard, California. This successful transaction is a clear indicator of the real estate market's growth potential, driven by solid demand in prime coastal locations. The narrative of this sale underscores the expertise and dedication of Bascom Northwest Ventures in transforming properties into lucrative investments.