Central Valley Community Sells For $22M
- Oct 02, 2020
DGE Investments has acquired Pine Brook, a 240-unit property in Bakersfield, Calif., for $22 million, which equates to $91,666 per unit.
Arbor Realty Trust originated a $16.4 million Fannie Mae loan to finance the acquisition, according to Yardi Matrix. The Mogharebi Group brokered the deal on behalf of the seller, a Southern California-based private investor.
The 35-building community occupies 9.2 acres at 5000 Belle Terrace, near freeways 99 and 58, around 4 miles from downtown Bakersfield and the Bakersfield Municipal Airport.
Built in 1971, the community encompasses one-, two- and three-bedroom units, averaging 1,095 square feet. Property amenities include two swimming pools and spas, a fitness center, garages, covered parking, a leasing center, clubhouse, outdoor barbecue stations and laundry facilities.
Earlier this year, The Mogharebi Group arranged the sale of Willow Creek, in El Cajon, Calif. The 33-unit community sold for $8.6 million.