Bascom Group acquires 249-unit BTR multifamily property in Bakersfield submarket for $56m

The Bascom Group has acquired Old River Place, a 249-unit single-family residential-style, build-to-rent multifamily property located in the Southwest submarket of Bakersfield, Calif. The purchase price was $ $56.6 million or $227,444 per unit.

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. Apartment Management Consultants will provide property management services and SD-CAP will provide construction management.

"Old River Place is a uniquely well-constructed build-to-rent community in the affluent area of Southwest Bakersfield,” said Joe Ferguson, acquisition manager at Bascom. “Each unit at the property has an attached two-car garage and dedicated outdoor space."

Old River Place offers residents a low-density single-family residential style community with an attractive unit mix of two- and three-bedroom units. The property is ad