“The Buyer is an experienced Central Valley investor who wanted to add to his holdings in Bakersfield,” said TMG’s Bonas. “The Buyer reached out to TMG with a requirement to acquire a property within a specific unit size and price range. Given our experience and relationships in the area, we were able to quickly identify a property whose owner might be ready to sell. We were able to go into escrow within days.”
The garden style community sits on a 1.76-acre site. Built in 1984, the property is comprised entirely of two-bedroom apartment homes. Each unit features an all-electric kitchen, washer/dryer hookups, covered parking, and access to a community pool. It is surrounded by some of Bakersfield’s most affluent neighborhoods including Olde Stockdale and Seven Oaks at Grand Island. The property also attracts students from Cal State Bakersfield, which is only two miles away, helping the property consistently achieve high occupancy levels.
The property was 98.5% leased at closing. Senior Vice President Mark Bonas represented the seller in the off-market transaction. Both Buyer and Seller are local Central Valley investors. According to CoStar, this sale represents the 2nd largest transaction this year in Bakersfield.
As a leader in multifamily investment advisory since its founding in 2015, The Mogharebi Group has been especially active in the Central Valley—closing on more than 10,000 units in the region with total value exceeding $1 billion.