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June 15, 2024
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Apartment Property in CA’s Kern County Sells for $68k per Unit


Desert Oasis Community, a 190-unit multifamily property in California’s Kern County, was acquired for $13 mil ($68.4k/unit) by Pro Residential Services Inc. The property is located at 238 N Gold Canyon St in Ridgecrest, a SoCal city roughly 100 miles east of Bakersfield.

Desert Oasis Community features a mix of 61 one-bedroom/one-bath, 68 two-bedroom/one-bath and 61 three-bedroom/ one-bath units. The property is in proximity to China Lake Naval Base's Richmond Gate and the Base's main gate. The Navy remains Indian Wells Valley's largest employer with 4,166 full-time civilians, 620 military employees and 1,734 onboard and off-site contractors.

CBRE’s Cray Carlson represented the buyer, a private investment group, and the seller, a partnership.

“On any normal workday, 10,000 people pass through the gates of the Naval Base, which provides a lot of tenants for the Desert Oasis Community,” said Carlson. “Many of the apartment homes have been recently renovated with premium amenities, which has helped increase the value of this stable, income-producing property even further.”

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