Bascom Northwest Ventures Announces Sale of Tempo at Riverpark Apartments to Hines Affiliate for $105 Million
Denver, Colorado – Bascom Northwest Ventures, LLC (“Bascom Northwest”) announced the sale of Tempo at Riverpark Apartments, a 235-unit multifamily community in Oxnard, California, to a venture led by Hines for $105,000,000. The property, purchased by Bascom Value Added Apartment Investors Fund IV (“Fund IV”) and a private investment group in 2018 for $75,250,000, represents a successful strategic exit. Brian Wirtz, Managing Director of Bascom Northwest, oversaw the investment execution.
Located less than a mile from the Pacific Ocean and under an hour from Downtown Los Angeles, Tempo at Riverpark spans 6.14 acres and features spacious floor plans averaging 955 square feet, with luxury finishes including in-unit laundry, stainless steel appliances, custom sliding barn doors, and balconies or patios. The community offers amenities such as an outdoor pool and spa, poolside cabanas, BBQ area, 24/7 fitness center, yoga/spinning room, and attached garages. Adjacent to The Collection at RiverPark, residents enjoy retail, dining, and entertainment options including Whole Foods Market, REI, and a 16-screen Cinemark theater.
Property upgrades totaling $1 million, coupled with Oxnard’s strong market fundamentals, enabled a successful investment execution. Apartment Management Consultants (“AMC”) managed the property throughout the holding period. Both parties were represented in the sale by Blake Rogers, Alex Caniglia, and Kip Malo of JLL.
Although Fund IV has closed for new investments, Bascom’s Value Added Apartment Investors VI, LLC (“Fund VI”) launched a new offering under Rule 506(c) of the Securities Act of 1933. Fund VI targets apartment communities across the U.S. for value-add renovations, operational improvements, and acquisitions of discounted or distressed assets. The Fund currently holds six properties across five states totaling 1,138 units with $83.8 million in equity invested and seeks to raise an additional $65.3 million. For inquiries, contact Chad Sanderson at 949-955-0888 (ext. 123) or Joe Ferguson (ext. 120).
About Bascom Northwest
Bascom Northwest, a joint venture between Brian Wirtz and The Bascom Group, LLC, acquires transitional multifamily assets in the U.S. West Coast. Since 2003, the firm has acquired over 6,900 units totaling $897 million, executing market repositioning with capital improvements and institutional-quality management to increase income and resale value.
About Bascom
Bascom is a minority-owned private equity firm specializing in value-added multifamily, commercial real estate, and non-performing loans. Since 1996, Bascom has completed $22 billion in multifamily transactions across 365 properties and 105,000 units, with $5.8 billion in commercial assets. Subsidiaries include Bascom Value Added Apartment Investors, Bascom Northwest Ventures, Bascom Arizona Ventures, and others. More information is available at bascomgroup.com.
Forward-Looking Statements
This release contains statements subject to the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Actual results may differ materially from expectations. Bascom disclaims any obligation to update such statements.
Media Contact
Company Name: The Bascom Group, LLC
Contact Person: Jerome A. Fink
Email: Send Email
Phone: 949-955-2991
Address:7 Corporate Park, Suite 100
City: Irvine
State: CA 92606
Country: United States
Website: https://bascomgroup.com/
