Hines Affiliate Purchases 235-Unit Los Angeles-Area Property for $105M
The seller had owned the property since 2018.
An affiliate of global real estate manager Hines has acquired Tempo at Riverpark Apartments, a 235-unit Class A apartment community located in Oxnard, Calif. The affiliate purchased the property for $105 million from previous owner Bascom Northwest Ventures.
Bascom Value Added Apartment Investors Fund IV, an affiliate of The Bascom Group, and a private investment group led by Bascom Northwest purchased the property for approximately $75.3 million in March 2018 from The Wolff Co., which developed the asset. The Bascom affiliated venture secured a $47 million loan for the property from New York Life Insurance Co. in 2018, according to Yardi Matrix data.
Apartment Management Consultants managed the community for Bascom over the holding period. Hines Living will be the new property manager.
Brian Wirth, managing director of Bascom Northwest, assisted throughout the investment execution process. Blake Rogers, Alex Caniglia and Kip Malo of JLL represented both parties in the transaction.
Taking a look at Tempo
Located at 450 Forest Park Blvd., Tempo at Riverpark has a mix of one-, two- and three-bedroom apartments ranging in size from 803 to 1,270 square feet, with an average of 955 square feet.
Rents range from $2,678 to $3,978, with an average of $3,067, according to Yardi Matrix information. The community was completed in 2016 and had an occupancy of 96.2 percent at the time of sale. There are three three-story buildings on the 6.14-acre property.
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The apartments feature stainless steel appliances, custom sliding barn doors, large bedrooms, in-unit washers and dryers as well as balconies or patios. Community amenities include an outdoor pool and spa, poolside cabanas, a grilling area and fireplace, a fitness center in addition to a yoga and spinning room. The property has 394 parking spaces.
Tempo at Riverpark is located less than a mile from the Pacific Ocean and is situated between Thousand Oaks and Ventura in Ventura County. The coastal beach town is less than an hour’s drive from downtown Los Angeles, and the property is adjacent to the Collection at RiverPark, a retail center with stores, restaurants, cafes, a Whole Foods Market and outdoor spaces.
Activities in California, Arizona
Bascom Northwest, a joint venture between Brian Wirtz and The Bascom Group, was formed to acquire transitional multifamily assets in the northwestern U.S. Since opening the office in San Francisco in late 2003, the firm has acquired more than 6,900 units throughout the West Coast valued at $697 million.
Earlier this month, Bascom Arizona Ventures, another Bascom affiliate, acquired Retreat at Speedway, a 304-unit community in Tucson, Ariz., for $53.4 million through Bascom Value Added Apartment Investors VI. Weidner Apartment Homes was the most recent owner of the property, according to Yardi Matrix information.
Nearly a year ago, The Bascom Group purchased Highridge Apartments, a 257-unit value-add community located in the coastal town of Rancho Palos Verdes, Calif., for $127 million. The seller of the property was not disclosed.
