TMG Arranges Sale of CA Community

Casa Del Sol Apartments

The Mogharebi Group has arranged the sale of Casa Del Sol Apartments, a 205-unit property in Bakersfield, Calif., for $12.2 million. The firm represented the seller, United Development Group, and the buyer, a San Fernando Valley-based private investment group.

Located at 2601 Fremont St., the property occupies 7.2 acres near freeways 99 and 58. The area offers various dining, shopping and entertainment options. The Valley Plaza Mall and White Lane Shopping Center are located less than two miles from the property. Additionally, California State University is situated approximately six miles from Casa Del Sol Apartments. Built in 1966, the property comprises a mix of studio and one-bedroom apartments, averaging 402 square feet, which feature refrigerators, air-conditioning and oversized closets. The property was recently upgraded with new exterior paint, pool furniture, landscaping and irrigation. Community amenities include:

• swimming pool
• gated/controlled access
• intercom entry system
• security cameras
• 24-hour maintenance
• central laundry facility

“Due to the low price per unit, solid cash-on-cash return, and proven rental growth, the buyer pool was large,” said Executive Vice President Otto Ozen, of The Mogharebi Group, in a prepared statement. “To maximize the value of this community, we aggressively marketed it to our list of high net worth private clients who are currently looking for exchange up-legs, this strategy generated multiple offers and closed at 98 percent of list price.”

Image courtesy of Yardi Matrix