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June 22, 2018
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Bascom Pays $75 Mil for 235 Res Units in Oxnard

3/14/18

The Bascom Group LLC has acquired Tempo at Riverpark Apartments, a 235-unit infill apartment property in Oxnard, for $75.25 mil ($320k/unit). The complex is located at 450 Forest Park Blvd, just east of Hwy 101.

Built in 2016, Tempo is in the heart of the 704-acre master-planned Riverpark community and is within walking distance of numerous parks and jogging trails, newly built schools, and premium shopping and dining at The Collection. The Collection includes tenants such as Whole Foods, Target, REI, H&M, Century Cinemas, along with many other shops and eateries.

The property’s access to employers along the 101 Tech corridor, as well as the Port of Hueneme and Naval base at Point Magu, makes Tempo an attractive location and home for Oxnard residents. In addition, Ventura County has a very affluent demographic with the highest median income in Southern California at $79,637 per household and median home prices well above $600 thousand.

According to Paul Diamond, Senior Vice President of Operations for Bascom, Tempo was built by a very reputable national developer and is well designed and constructed. Bascom plans 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 the debt financing for the purchase.

Since 1998, Bascom and its affiliates have acquired 313 multifamily properties throughout the United States, totaling 82,557 units and currently holds 18,8860 units in its portfolio. Over the past twelve months Bascom has completed over $1 bil in multifamily transactions throughout the United States.






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