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11/21/25
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Two central CA multifamily properties totaling 293 units were sold by a single private investor in separate deals for a total consideration of $61.75 mil. The assets — The Grove in Bakersfield and Cottonwood Grove in Clovis — were acquired by separate California-based private investors.
The Grove is a 142-unit gated community built in 1994. Situated on an 11-acre site at 4801 Fruitvale Ave, the property features townhome-style units averaging ove.1k sf, each with private garages. Each unit offers residents a full-size washer and dryer, bay windows, and granite countertops. Common area amenities include two pools, a spa, fitness center, and sundeck with grilling stations. Approximately 20% of units are rent-restricted, offering ad valorem tax savings.
732 N. Clovis Ave, Clovis, CA |
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Cottonwood Grove is a 151-unit guard-gated community built in 1992. Located at 732 N. Clovis Ave, the studio to three-bedroom units each feature vaulted ceilings, full-size washer/dryers, and one-car garages and are housed in 26, two-story residential buildings on a 9.5-acre site. Cottonwood Grove benefits from its location within the award-winning Clovis Unified School District. Roughly 20% of units are rent-restricted.
After holding the properties for more than three decades, the seller decided to leverage the full depreciation realized on both properties, and strategically redeploy the proceeds to diversify its portfolio. The seller was represented in the deals by Otto Ozen, Brian Nakamura, Mark Bonas and Nazli Santana with The Mogharebi Group, who generated multiple offers on both properties.
The population in the Central Valley is projected to grow by approximately 5 million people by 2060, according to data from California’s Department of Finance. In contrast, over that same time period Los Angeles County is expected to lose 1.7 million people.
“Investors are increasingly attracted to the long-term fundamentals of the California Central Valley’s multifamily market, which has been driven in large part by substantial population growth due to migration from higher-cost coastal areas,” said TMG Executive Vice President Otto Ozen. “Despite this influx, elevated interest rates and rising development costs have tempered new supply, contributing to stable operational performance and consistent rent growth for owners of existing housing stock.”
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