Bascom Pays $57M for California BTR Asset
This was the firm's sixth acquisition of the year.
The Bascom Group has purchased Old River Place, a 249-unit single-family rental asset in Bakersfield, Calif., for $56.6 million. TPG Real Estate Finance Trust provided acquisition financing in a deal arranged by JLL. The Mogharebi Group represented the seller.
Old River Place marks Bascom’s sixth acquisition of the year. Other recent purchases included a 360-unit community in Aurora, Colo., and a 96-unit property in Santa Fe, N.M.
Since 1996, Bascom has completed more than $22 billion in multifamily transactions encompassing 358 properties and north of 105,000 units.
Old River Place, up close
Old River Place comprises two- and three-bedroom units of 1,004 square feet and 1,204 square feet, respectively. Bascom Senior Vice President Lee Nguyen said, in prepared remarks, that the company intends to renovate the property. To this end, the firm tapped SD-CAP to provide construction management.
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According to Nguyen, plans call for the overhaul of units’ interiors and exteriors, as well as the community amenities. He mentioned that the homes will receive new appliances, countertops and cabinetry.
Located at 4907 Calais Court, the community is roughly 10 miles southwest of downtown Bakersfield. A 223,000-square-foot shopping center and two parks are within 2 miles of the property.
JLL Managing Director Annie Rice and Senior Director Jamie Kline arranged the acquisition financing on behalf of Bascom. The Mogharebi Group Senior Vice President Mark Bonas led the team representing the seller.
