The Mogharebi Group has successfully arranged the $56.6 million sale of Old River Place, a 249-unit multifamily community in what is the largest sale of a single multifamily asset in Bakersfield history. Photo via The Mogharebi Group

The Mogharebi Group has successfully arranged the $56.6 million sale of Old River Place, a 249-unit multifamily community in what is the largest sale of a single multifamily asset in Bakersfield history.  

As a leader in multifamily investment advisory since its founding in 2015, The Mogharebi Group has closed on more than 2,000 apartment units in Bakersfield specifically and more than 8,000 units in the Central Valley region, with a total value exceeding $1 billion. With Old River Place, The Mogharebi Group has arranged two of the three largest multifamily transactions to close in the Bakersfield submarket.

Built between 2006 and 2011, Old River Place offers a unique single-family residential neighborhood layout, featuring a mix of two- and three-bedroom floorplans. These units include in-demand amenities, including attached two-car garages and washer/dryer hookups.

Assembled on 72 separate parcels, the property presented an attractive investment opportunity because of the potential to sell individual units, maximizing return for investors, according to Mogharebi Senior Vice President Mark Bonas, who represented the seller in this transaction.

 

“Old River Place is a trophy property that generated substantial interest due to its upscale appeal and value-add potential,” said Bonas. “It quickly became our most-viewed listing on our website, showcasing the excitement around the property and opening investors’ eyes to the opportunities in Bakersfield. This sale boosts confidence in the market’s ability to sustain high-value investments.”

Located at the southern end of the Central Valley 100 miles north of Los Angeles, Bakersfield has emerged as one of California’s strongest apartment markets, consistently maintaining occupancies above 95%, according to The Mogharebi Group.

The city’s strong market fundamentals are driven by limited new supply, rapid population growth and a diversifying economy. Bakersfield serves as a hub for industries such as agriculture, health care, energy, manufacturing, and logistics, with its central location in California’s San Joaquin Valley making it a key transportation center, according to The Mogharebi Group.

“Bakersfield’s central location in California, combined with its strong and diversified local economy, makes it an appealing option for both residents and businesses. The city’s lower cost of living compared to other major cities in the state is a key draw for people seeking more affordable housing. This affordability, along with economic opportunities, has fueled growing demand for quality housing in the area,” Bonas added.

The buyer, Irvine-based private equity firm The Bascom Group  has been one of the most active multifamily buyers in California’s Central Valley.  Old River Place represents Bascom’s sixth acquisition of 2024 increasing its regional portfolio to approximately 3,600 units.