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Bakersfield Multifamily Fetches Reported Record Sale Price
The Mogharebi Group has arranged the $56.6-million sale of Old River Place, a 249-unit multifamily community in what is believed to be the largest sale of a single multifamily asset in Bakersfield history. SVP Mark Bonas represented the seller in this transaction.
Old River Place was built between 2006 and 2011 and offers a mix of two- and three-bedroom floorplans. Assembled on 72 separate parcels, the property presented an attractive investment opportunity because of the potential to sell individual units, maximizing return for investors, said Bonas.
“Old River Place is a trophy property that generated substantial interest due to its upscale appeal and value-add potential,” he said. “It quickly became our most-viewed listing on our website.” The buyer was the Bascom Group, as Connect CRE previously reported.
Located at the southern end of the Central Valley, Bakersfield has emerged as one of California’s strongest apartment markets, consistently maintaining occupancies above 95%.
- ◦Sale/Acquisition
