Costa Mesa-based The Mogharebi Group (TMG) has arranged the sale of Tyner Ranch Apartments, a 168-unit multifamily community in Bakersfield, CA. A private investment group purchased the fully-occupied asset from Hardt Investments for $31 million.

“The Central Valley is adding significant economic momentum from the energy, healthcare, government and other sectors to its traditional agricultural base, but its not adding enough housing to keep up,” said TMG’s Mark Bonas who represented the seller in the deal. “As a result, the supply and demand dynamics from the strong economy and steady population growth have produced favorable multifamily investment conditions.”

Tyner Ranch Apartments feature two- and three-bedroom floorplans ranging from 800 to 1,200 square feet. The single-family style units include fully equipped kitchens, attached garages and private backyards. The community also features a green belt between buildings with picnic areas and grilling stations.