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11/05/19
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Dana Apartments, a 49-unit community in Bakersfield, sold with multiple offers for a sales price of $5.25 mil ($107.1k/unit). Built on a 2.34-acre site in 1968, the property is located at 3600-3610 Dana St.
The property is located near Interstate Freeway 178, providing convenient access to all areas of Bakersfield, as well as the Central Valley and the state. Dana Apartments is approximately 10-munite drive from Adventist Health Bakersfield, the fifth largest employer in Bakersfield.
Dana Apartments features community amenities including a swimming pool, gated / controlled access, intercom entry system, 24-hour maintenance, and central laundry facility. The property offers all two-bedroom units with an average unit size of 1.1k sf.
Otto Ozen and Mark Bonas of The Mogharebi Group represented the buyer and the seller, a private investment group, both based in Los Angeles, CA.
“Due to the demand for quality living units, the property was recently repositioned through a complete renovation” noted Ozen. “As a result, the property was fully occupied, producing a solid cash-on-cash return through proven rental growth.” The property generated multiple offers and closed at 97% of list price.”
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