The Bascom Group, LLC has recently completed the acquisition of Old River Place, a 249-unit multifamily residential property in Bakersfield’s Southwest submarket. The purchase price for this build-to-rent community was $56,633,500 or $227,444 per unit.
Despite the current high-interest rate environment and slow sales market conditions, this marks Bascom’s sixth acquisition of 2024 and their 26th multifamily property in California’s Central Valley. JLL’s Annette Rice and Jamie Kline were responsible for arranging debt financing with TPG Real Estate Finance Trust as the lender.
The seller was represented by Mark Bonas and his investment sales team at The Mogharebi Group. Property management services will be provided by Apartment Management Consultants while SD-CAP will handle construction management.
According to Lee Nguyen, SVP of portfolio operations at Bascom: “Old River Place is a well-maintained property that has consistently shown strong rental demand… With all units still in their original condition or classic state upon our acquisition , we have ample opportunity to add desirable features while providing residents with an affordable housing option within a highly sought-after location.”
