The Mogharebi Group, led by SVP Mark Bonas, recently facilitated the sale of Old River Place for a record-breaking $56.6 million in Bakersfield. This 249-unit multifamily community is believed to be the largest single asset sale in the city’s history.
Constructed between 2006 and 2011, Old River Place offers a variety of two- and three-bedroom floorplans across its 72 parcels. According to Bonas, this property presented an attractive investment opportunity due to its potential for individual unit sales that would maximize returns for investors.
Bonas stated that Old River Place garnered significant interest as a highly desirable property with value-add potential. In fact, it became one of our most-viewed listings on our website.” The buyer was reported as The Bascom Group by Connect CRE .
Bakersfield has emerged as one of California’s strongest apartment markets at the southern end of Central Valley with consistently high occupancies above 95%. This recent sale further solidifies its position as an ideal location for real estate investments.
