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Bascom Group Acquires Bakersfield Build-to-Rent Community
The Bascom Group, LLC has acquired Old River Place, a 249-unit build-to-rent multifamily residential property located in the Southwest submarket of Bakersfield. The purchase price was $56,633,500 or $227,444 per unit.
Notwithstanding the high-interest rate environment and sluggish sales market, the property marks Bascom’s sixth acquisition of 2024 and 26th multifamily acquisition in California’s Central Valley. JLL’s Annette Rice and Jamie Kline arranged the debt financing for the acquisition with TPG Real Estate Finance Trust as the lender.
The seller was represented by The Mogharebi Group’s investment sales team led by Mark Bonas. Apartment Management Consultants will provide property management services and SD-CAP will provide construction management.
Bascom’s Lee Nguyen, SVP of portfolio operations, said, “Old River Place has been well-maintained while demonstrating consistent rental demand … All of the units remain in a classic or original condition, giving our operations team considerable room to add desirable elements while providing residents an affordable housing option in a well located, highly desirable rental community.”
