Bascom Group Acquires 249-Unit Multifamily Property in Bakersfield for $56.6M

[Sanjeev Advani]

The Bascom Group, LLC has expanded its presence in California’s Central Valley with the acquisition of Old River Place, a 249-unit build-to-rent multifamily property in Southwest Bakersfield, for $56.6 million. This marks Bascom’s sixth acquisition in 2024, further solidifying its strategy of investing in high-demand markets.

Despite a challenging market with high interest rates, Bakersfield’s strong multifamily fundamentals, including population growth and limited housing supply, have made it a prime investment location. With occupancy rates consistently above 95%, Old River Place is well-positioned to meet the growing demand for rental housing.

Bascom plans to upgrade unit interiors and enhance the property’s exterior and amenities, offering affordable yet desirable housing. The acquisition was financed by JLL and TPG Real Estate Finance Trust, with The Mogharebi Group representing the seller.

Bascom’s continued investment in the region underscores its commitment to growing its multifamily portfolio, especially in fast-growing markets like Bakersfield.