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June 14, 2024
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Bakersfield Multifamily Property Traded in a Deal that Works Out to $139k/Unit


Cedar Oaks Apartments, a 98-unit multifamily community in Bakersfield, was sold in a recent $13.6 mil ($138.8k/unit) transaction. According to CoStar, this sale represents the 2nd largest transaction this year in Bakersfield.

The garden style community sits on a 1.76-acre site at 3300 Gosford Rd. 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.

The property 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.

Mark Bonas with The Mogharebi Group represented the seller in the off-market transaction. Both the buyer and the seller are local Central Valley investors. The property was 98.5% leased at closing.

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