114-Unit Apartment Complex in Bakersfield Trades for $22.5MM

BAKERSFIELD, Calif. (June 13, 2019) –The Mogharebi Group, (“TMG”) has completed the sale of Mira Sol Gardens, a 114-unit apartment community located in Bakersfield, CA. The property sold for a price of $22,500,000 which equates to a record-setting $197,500 per unit.

Mark Bonas of TMG and Michael Jordan of Kidder Matthews represented the seller, LandStone Companies located in Bakersfield. The buyer was a private investment group based out of Newport Beach.

The $197,500 per unit price is significant because it sets a record as the highest per unit price paid in this area and is very close to the $200,000 per unit price previously thought unattainable for Central Valley apartment properties. “We can attribute this higher value to several factors, including a lack of available inventory, the high quality of the asset, the overall strength of the Bakersfield apartment market and the anticipated rent growth in the submarket,” says Mark Bonas, Senior Vice President of TMG. “The quality and uniqueness of Mira Sol Gardens dictated an aggressive marketing strategy targeting TMG’s proprietary list of private capital and institutional investors, as well as the ever-changing cache of exchange buyers. This strategy generated multiple offers and closed at full list price.”

Built in 2016, Mira Sol Gardens is a one story, 114-unit apartment home community located on Gasol Court, Jerno Drive and Callado Lane in the Far Southwest submarket of Bakersfield. Mira Sol Gardens is situated on an approximate 11.46-acre site. The apartment homes feature spacious two- and three-bedroom floor plans with modernized interiors, water saving drought resistant landscaping and attached two car garages.

With unrivaled local knowledge, an extensive global network of top real estate investors, state of the art technology and direct access to capital, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.

West Coast Commercial Real Estate News