Hardt Investments Sells California SFR Community
The Bakersfield property traded for $30.9 million.
Hardt Investments has sold Tyner Ranch Apartments, a 168-unit single-family rental community in Bakersfield, Calif., to Graceada Partners. The Mogharebi Group brokered the deal, with Senior Vice President Mark Bonas representing the seller. The property traded for $30.9 million.
Completed in 2006, Tyner Ranch is located at 812 Workman St. The property encompasses two- and three-bedroom units, with floorplans ranging from 800 to 1,200 square feet, according to Yardi Matrix data. Property amenities include private parking and picnic areas with grilling stations. Units offer washer and dryer connections, fully equipped kitchens, private patios and attached garages.
The Central Valley economy has been getting stronger, with improvements in momentum from the energy, health care, government and other sectors, said Bonas in prepared remarks. However, with resulting in-migration, housing supply is not keeping up with demand, he added. As a result, the area is offering significant upside potential for rentals.
Since its 2015 founding, The Mogharebi Group has been involved in the sale of more than 6,500 units in the Central Valley, with sales nearing $1 billion, according to the company. Earlier this year, the firm closed on another Central Valley sale, for a 96-unit community in Merced. More recently, the company worked on the $47.1 million sale of a Long Beach, Calif., property, representing the seller, Canyon Capital.