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136-Unit Multifamily Asset in Bakersfield Sells for over $11 Mil

7/09/20

A SoCal-based private investor paid $11.07 mil for Village at Lakeside, a 136-unit ($81.4k/unit) affordable community in Bakersfield. Built in 1985, Village at Lakeside is located at 1718 Panama Lane, just east of Hwy 99.

Village at Lakeside is a two story, 136-unit apartment community that comprises 12 residential buildings totaling 89.3k sf of space. Situated on a 4.95-acre site, units at the complex feature spacious studio, one- and two-bedroom floor plans. The property boasts a swimming pool with spa, laundry facility, outdoor picnic areas with BBQ, leasing office and covered parking.

Robin Kane, Brendan Kane and Mark Bonas with The Mogharebi Group represented the seller, a Central California-based investor. According to Robin Kane, the deal closed within 2% of the asking price.




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