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9/04/24
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The Bascom Group LLC has acquired Old River Place, a 249-unit, single-family residential-style, build to rent multifamily residential property located in the highly desirable Southwest submarket of Bakersfield, for $56.6 mil ($277.4k/unit). The property is located at 9701 Sherborne Ave, west of Hwy 99 at the intersection with Old River Rd, near Bakersfield’s Terra Vista area.
Located within the desirable Southwest submarket of Bakersfield, Old River Place offers residents a low-density single-family residential style community with an attractive unit mix of two- and three-bedroom units. Each unit at the property has an attached two-car garage and dedicated outdoor space.
The property is adjacent to affluent Bakersfield neighborhoods such as Seven Oaks and Hagan Oaks, provides residents easy access to retailers like Sprouts, Trader Joes, Lululemon and Target, and accessibility to major employment drivers such as Cal State Bakersfield and Dignity Health – Mercy Hospital.
The property marks Bascom’s sixth acquisition of 2024 and 26th multifamily acquisition in California’s Central Valley. Annette Rice and Jamie Kline of JLL arranged the debt financing for the acquisition with TPG Real Estate Finance Trust as the lender. The seller was represented by The Mogharebi Group’s investment sales team led by Mark Bonas. Apartment Management Consultants will provide property management services and SD-CAP will provide construction management.
“Old River Place has been well-maintained while demonstrating consistent rental demand,” notes Lee Nguyen, Senior Vice President of Portfolio Operations at Bascom. “As part of our strategic renovation program, Bascom intends to upgrade unit interiors with new appliances, countertops, backsplash, cabinetry, as well as enhancing the property’s exteriors and community amenities. All of the units remain in a classic or original condition, giving our operations team considerable room to add desirable elements while providing residents an affordable housing option in a well located, highly desirable rental community.”
Bakersfield has been one of California’s best performing apartment markets, highlighted by consistent occupancies above 95%. The strong fundamentals have been driven by limited new supply, high population growth (no large California city has grown more than Bakersfield over the last five years), and a diversifying economy. The city serves as a hub for various industries including agriculture, healthcare, energy, manufacturing, and a growing logistics industry. Bakersfield’s central location in California’s San Joaquin Valley makes it a key transportation hub. It’s well-positioned along major highways like Interstate 5 and State Route 99, facilitating efficient movement of goods between Northern and Southern California, as well as connecting to other states.
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