Socal Asset Sells for $75M

The Bascom Group bought the 235-unit, Class A property, and CBRE secured debt financing for the acquisition.

Tempo at Riverpark Apartments
Tempo at Riverpark Apartments

The Bascom Group has purchased Tempo at Riverpark, a 235-unit, Class A property in Oxnard, Calif., for $75.3 million, or $320,213 per unit. CBRE arranged debt financing for the acquisition.

Located at 450 Forest Park Blvd., Tempo is part of the 704-acre master-planned Riverpark community. The area offers many shopping and dining options at The Collection. The lifestyle center includes tenants such as Whole Foods, Target, REI, H&M and Century Cinemas. Additionally, the property provides access to the 101 Tech corridor and to Port of Hueneme and Naval base at Point Magu. Tempo was completed in 2016 and comprises a mix of one- to three-bedroom units, averaging 955 square feet.

Common-area amenities include:

  • fitness center
  • business center
  • clubhouse
  • swimming pool
  • spa
  • covered parking

“ The high barriers to multifamily development (in Oxnard) have created a limited apartment supply in a high-demand housing market that is experiencing strong growth,” said James Singleton, vice president of Bascom, in prepared statements.

Image courtesy of Yardi Matrix