Graceada Grows in Central Valley With $17M Purchase

In its third Bakersfield, Calif., acquisition over the last 18 months, Graceada Partners has purchased Vantage Point, a 144-unit multifamily community in Bakersfield, Calif. Horizon Construction sold the asset for $16.5 million in an off-market transaction, according to Yardi Matrix data. The Mogharebi Group Senior Vice President Mark Bonas represented the buyer.

Completed in 1985, the property encompasses one- and two-bedroom floorplans ranging between 597 and 805 square feet across 15 buildings. Units feature large closets, while community amenities include a library, a pool, a jacuzzi and laundry facilities.

Located at 6001 Auburn St., Vantage Point is next to California State Route 178 while downtown Bakersfield is roughly 6 miles away. Employers such as Chevron, Adventist Health and Nabors Well Services are within 13 miles. Residents have access to entertainment, dining and retail options at the Valley Plaza Mall, a 143-store shopping center situated some 9 miles away.

With this acquisition, Graceada’s Central Valley portfolio reached 850 units, according to Yardi Matrix data. One of the previous purchases involved Tyner Ranch, a 168-unit single-family rental community also in Bakersfield, that sold for $30.9 million. TMG brokered that acquisition as well.

One of the firm’s earliest Central Valley buys was The Edge at Lakewood, a 196-unit multifamily community in Modesto, Calif., for $33.3 million. Graceada later sold the asset for $43.7 million to a private individual.